Necessity
Clarifies whether contributions for property purchases are gifts or loans, impacting tax and inheritance considerations.
Implications
Tax consequences for recipients and compliance with mortgage lender requirements. Proper documentation ensures clear intentions and avoids future disputes among family members.
Advice Covers
- Mortgage lender requirements.
- Tax implications of receiving significant financial gifts.
- Legal formalities to ensure the gift is recognized and enforceable.
- Potential family dynamics and relationships impacted by such contributions.