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UHello, my elderly parents want to transfer property (or cash equivalent thereof) to myself (married man) and my brother (who is married as well) when they are alive.
I want to be aware of legal implications and unforeseen consequences resulting from a divorce in the future (should it happen).
The property/cash is all self-made by my father and not something he inherited. In that case, what is the best path of action for me at this time?
(A) Register any given property in my name only?
(OR)
(B) Take cash equivalent in my name only?
(OR)
(C) Register property and/or open cash account in both my wife’s name and my name? (trying to avoid this as best as I can, not sure if wife will argue or not)
What is the best option to choose for someone in my shoes currently – for future piece of mind and being prepared.
Please know I’ve had issues with my wife’s family and I don’t always trust what they ask/tell their daughter to do – so I am somewhat wary of money/cash/property etc. in general and want to avoid any heartache for my parents and myself. I’m also an NRI, while my parents reside in India.
Thanks a lot!
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IOptions (A) and (B) are most valid, just make sure that:
For (A) – Make sure of proper TOP(duties and such) to keep title clear, and so that the wife cannot later claim contributions in acquisition and also do not allow improvements via wife’s money of the said property to maintain a clear title.
For (B) – the monies are transferred into individual accounts and not in joint account or in an account which is regularly used for household expenses, as then it could be considered marital assets/joint marital income and could be claimed.
Aside from these:
1. A family trust with you as a beneficiary.
2. An LLP with relevant bylaws and you as a shareholder.
3. Formation of HUF and you as coparcener. -
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