My dad gave me and my siblings a sum of money as inheritance from it family trust to be used to buy property. His condition was that I had to open my own trust to keep the property safe for my children. The money for the house I bought was paid straight from the family trust to the transfer attorneys. I never paid tax on that money me did my trust. There is no obey in my trust account and there never has been. As far as I can understand, the contract signed stipulated that I have “loaned” the money from ur family trust and my trust “loaned” the money from me.
A few years have passed and I want to dissolve my trust, it the house into mine and my husband’s name, etc. I just want to find out what the tax implications will be for me and if there is a cost effective way to transfer the house to our names? Any advice will be greatly appreciated.