Some parents who may be sole owners of a house or cottage are considering sharing the ownership with their young child. While there may be sentimental or economic reasons for doing so, care must be taken to understand the full consequences of such a decision.
Important ramifications such as loss of tax credits for both the parent and child should be discussed with a tax lawyer or accountant.
If the parent is considering protecting assets in the midst of a separation, raise the consideration with your family law lawyer.
Below are the definitions of two common forms of land ownership to keep in mind when learning about some of the pros and cons of taking the step to change land ownership.