08/05/2022
New 35% ABSD rule on residential properties transferred into a living Trust...
Nothing to do with the usual buying under trust.
Living trust is different - just imagine if rich man dies but the property is not inherited by any children, and is instead under this living trust. This is especially useful if the rich man doesn’t want any of the children to sell it for their own gains.
So the living trust will “own” the property and will follow the legal instructions left behind by the grantor in case he or she dies.
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