A FRIEND had put his son’s name as co-owner of an investment property, as a basic form of inheritance planning.
He and his wife decided to sell the property, and were in the process of signing the sale agreement. Despite not having put a single dollar towards the property, the son said he would sign only if he got half of the proceeds, as was his ‘right’ as co-owner.
In another instance, parents bought a prized real estate asset and overpaid for it. Their idea was to secure a steady cash flow of US$1 million per year for each of their two children, so that they would have financial security for life.
Unfortunately, both children had their own ideas, wanting to live in London and the US,...
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