Asked by Anonymous
Parents are turning 70. Eldest daughter married and co-own flat with husband. Son turning 35 and will be buying bto for single. Second son is turning 25, not in employment due to chronic illness since childhood, fairly independent and able to make decisions when situation is explained in simple terms.
Can parents list the 25 year old as joint owner to their fully paid flat? The family wish that eventually the flat will be an ongoing source of income to support the 25 year old financially for his day to day and medical expenses.
What are the incurred expenses/liability to the 25 year old apart from annual property tax and eventually income tax when the flat is being rented out?
Can parents list the 25 year old as joint owner to their fully paid flat? The family wish that eventually the flat will be an ongoing source of income to support the 25 year old financially for his day to day and medical expenses.
What are the incurred expenses/liability to the 25 year old apart from annual property tax and eventually income tax when the flat is being rented out?
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