Saving Probate Taxes
Should I put my son on the title of my house to save probate taxes?
This is an important question as it can have significant financial consequences. Before making a decision, there are many questions that must first be answered. For example: How many properties do you own and for how long? Does your son own his own home? Is your son married and does he own a business? It is important that you understand how these factors, and more, will impact your plans. Sometimes trying to solve one problem (in this case, to save probate taxes), can create other unforeseen issues. If you are at all unsure, I am happy to offer my guidance along with a no obligation discussion about the financial planning strategies available to you.
Tanya Wilson, BBA, CFP, FCSI, CIM
Portfolio Manager & Certified Financial Advisor
Raymond James Ltd., member – Canadian Investor Protection Fund.