• #029 - Family Cottage: Sell It or Gift It To Your Children?

  • Aug 26 2024
  • Length: 22 mins
  • Podcast

#029 - Family Cottage: Sell It or Gift It To Your Children?

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  • Summary

  • In this episode of The Rich Fulfilling Life Show, hosts Usman Jamal and Saad Nadeem explore the smartest strategies for keeping your family cottage in the family for generations. They delve into the tax implications of selling versus gifting your cottage, including how to avoid double taxation pitfalls. The discussion also covers comprehensive estate planning and the role of insurance in ensuring your children can inherit the cottage without being burdened by a hefty tax bill. Tune in to learn how to efficiently preserve your family’s legacy and keep your cottage within the family.

    Time Stamps

    1:45: Dive into the taxes associated with cottage transfers

    6:25 – How to avoid double taxation – selling the cottage for below market value

    11:00 What happens when you gift the cottage to your children

    13:20- The most efficient way to transfer your family cottage to your kids

    16:00 – How to reduce your taxable rental income down to 0%

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