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transfer of house to son

Discussion in 'Introductions' started by retired, 21st Aug, 2013.

  1. retired

    retired New Member

    Joined:
    21st Aug, 2013
    Posts:
    2
    Location:
    sydney nsw
    I am a self funded retiree on a rapidly diminishing nest egg. I have a small second property where my son currently lives. He is on a disability support pension and I would like him to have the house so he is safely housed when I die.

    Can I transfer the property? I know it will be 5 years before I can claim an aged care pension.

    Thanks for any information.
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    Of course you can transfer - but whether you should will depend on the situation.

    Is your son able to qualify for finance?
     
  3. retired

    retired New Member

    Joined:
    21st Aug, 2013
    Posts:
    2
    Location:
    sydney nsw
    No finance is required - I am giving it to him.
     
  4. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    Lucky guy!

    Well, you both should seek legal advice on various aspects such as:
    Centrelink issues (if any)
    Asset Protection - divorce, bankruptcy and death
    Tax issues - potential future
    CGT - if your second property
    cashflow - giving won't release you with cash for living

    If your son has a disability then he may qualify for a 'special disability trust'. You may be able to transfer now with many concessions and could still be able to get the pension.