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Ozzie asked me to answer
this. Although not complete, it will give you an idea of what you can do.
You all need to sit down with
a competent advisor who can deal with your individual needs as well as the
groups' needs.
david ingram replies
This cannot be answered here without a
200 page manuscript full of "what ifs", "maybe you shoulds", and "why nots".
However:
* You could buy it as a joint
venture.
* You could buy it as a
limited partnership with the majority of the growth ownership in your
heirs' names.
* You could buy it as a
corporation.
* You could buy it
tenants in common and "do business
as".
* You could set up three
inter vivos trusts.
* You could set up three
family trusts.
* You could set up three living trusts.
* You could set up three
life estates as partners - you and your uncles
get the income while you are alive but your intended heirs own the property
right now and get any increased capital gains value. When you "die", your
estates have no capital gains tax to pay.
* If you also have children,
you could set up a joint life estate for yourself and your wife with your
children owning the estate.
* You could set up an
offshore trust with your wives and
children as beneficiaries.
The hardest part is that there is NO best or
better way. Any of the above could be the best method for you and your uncles.
I would be inclined to suggest that you
and your uncles and wives
and some of the children sit down with someone like myself and explore the
possiblities. If you were to come to my office, I would want to see the past
two years of tax returns for the parties involved. I would want to know
your life expectancy. I would want to know where
you are directing your estate because buying as a living trust could/would
avoid large estate tax and probate fees.
I would want to know if you were life insurable
because it is easier and sometimes more efficient to forget about
trying to avoid tax and just arrange to have it covered by a life insurance
policy.
Hope this helps.
My contact information follows.
US / Canada / Mexico Income Tax and Working
Visa Matters
108-100 Park Royal South West Vancouver, BC, CANADA V7T 1A2
(604) 913-9133 Fax (604) 913-9123
Cell (604) 657-8451 10 AM to 10 PM 7 days a week
My
sister lives in Wheeling, West Virginia. In 1956, as a 14 year old from
Winnipeg, Manitoba, Canada, I remember looking down on a giant air conditioner
on top of a building in Cincinnati. Kentucky was right across the river.
However, I live almost 2,500 miles away from you and would not
expect you to use our services. Make sure that you explore this now with
an accountant/lawyer well versed in estate law because you save future costs
NOW if you do it right.
david ingram |
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