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Tuesday, December 10, 2013

Want the kids to inherit the house? Avoid these common tax mistakes

Parents putting their kids' names on assets because they think they are avoiding probate is very common. It's almost always a mistake or works out in ways the parents didn't foresee, but that doesn't seem to stop people from taking this step. The results can have a huge negative impact when the asset in question is the family home. Canadian accountant Mark Goodfield recently addressed the issue of joint assets in an article for the Globe and Mail. Click here to read it. I highly recommend this article to everyone who is involved in a situation where a parent has added a child to an asset, or is thinking of doing so.

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