What’s the best strategy for structuring the legal ownership of your home?
The answer is…it depends.
Are you asking for tax planning purposes or for estate planning purposes?
Often you may be advised that it’s important for you to have the title of your home shared with somebody else so that if something were to happen to you the house could be sold or dealt with without the need to involve you.
This is true, but you will also have to deal with the tax treatment. The tax treatment is based on what’s called beneficial ownership. And the house can be in different legal title then what the beneficial ownership is. However, it’s always advisable to make sure that things are well documented for both estate planning purposes and tax.
If you would like more information on the best strategy for structuring the legal ownership of your home or have any questions, feel free to contact us at 780.466.6204, or click here to send us an email.
Thanks to David Wickenberg of KWB Chartered Accountants for providing this content.