My dad gave me and my siblings a sum of ...

Asked by Alida on 31-07-2019 21:11:33
Question posted in the Property Law category relating to Gauteng

My dad gave me and my siblings a sum of money as inheritance from it family trust to be used to buy property. His condition was that I had to open my own trust to keep the property safe for my children. The money for the house I bought was paid straight from the family trust to the transfer attorneys. I never paid tax on that money me did my trust. There is no obey in my trust account and there never has been. As far as I can understand, the contract signed stipulated that I have “loaned” the money from ur family trust and my trust “loaned” the money from me. 

A few years have passed and I want to dissolve my trust, it the house into mine and my husband’s name, etc. I just want to find out what the tax implications will be for me and if there is a cost effective way to transfer the house to our names? Any advice will be greatly appreciated. 

If you would like to view the entire answer, you will need to either login or register a FREE account.


DISCLAIMER: Advice or answers from Lawyers on SA Legal Advice are not substitutes for the proper advice of an Lawyer. SA Legal Advice is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Lawyer who assists with your question is not your Lawyer, and the response above is not to be considered to be legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from individual Lawyers, not SA Legal Advice. The site and services are provided “as is”. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.