House In Kids Name

[joker7]

Am thinking of putting my house in my kids names. Two kids.

Is there any age limit for this;

1) How old they need to be before you can transfer a chanote into there name. They are 4 and 2 just now.

2) Maximum age you can keep the house in trust in their name before the chanote actually passes to them. I was hoping for my youngest to reach 25 before the house actually passes to them both.

Any info be good.

Thanks

Edited January 20, 2013 by joker7

[jamescollister]

Charnote passes over at 21 if I remember correct, no age for putting it in a child's name that I have read. You or wife can not sell the land without a court order.

If you think this will guarantee you the right to live there if the marriage goes wrong think twice. Just like in the west, wife will probably get custody of the children and you will be out of the family home. Jim

[Mario2008]

There is no age limit. They can own a house/land without any problems.

They will be the owner of the house/land and that is under the protection of the courts. For selling it for example you will need prior permission from a judge to do so on behalf of the child. (Chances of getting that permission is very small).

You can put a usefruct on it, but must do so as part of the gift to your children. After giving it to your children permisison of the court will be required, which you will not get as it will not be in the intrest of your child.

[PattayaPhom]

Under court order property must be loan free, cant borrow against it in the future, age 21 unless court agrees otherwise under certain circumstances. Different land offices have different ages so check where you are buying if 4 years is OK, they normally also insist that land is initially bought in Thai parents name and then immediatley transferred into minors name same day, minimal tax as it is classed as a gift.

[billd766]

Can this be done with chanote land only?

[GarryP]

Age of majority is 20.

[jamescollister]

Age of majority is 20.

I stand corrected, 20 not 21. Jim

[TommoPhysicist]

Under court order property must be loan free, cant borrow against it in the future, age 21 unless court agrees otherwise under certain circumstances. Different land offices have different ages so check where you are buying if 4 years is OK, they normally also insist that land is initially bought in Thai parents name and then immediatley transferred into minors name same day, minimal tax as it is classed as a gift.

Not at all true, no age limit, land transferred directly. Child's fingerprints will be taken as proof of ID.

The whole point of this transaction is to stop your Thai wife stealing from you, having to put it in her name at any time would make the whole transaction completely pointless. You would be a complete fool to allow it.

Edited January 21, 2013 by TommoPhysicist

[ThailandInvestmentGuide]

OP, hi, there are many good and useful prior threads on this topic. I would recommend that you search them out as there are both pluses and minuses in going down this path. Some of these have already been mentioned by other posters

While the law does not specify a minimum age but some land dept offices (or officers) do, so you need to raise this with the relevant staff and see what they say

[joker7]

Thanks will try and search them out. Im thinking more and more along the lines of doing this. I would want some flexibility if all of a sudden I go broke and need to sell the home how easy would it be to do that - the chances of this happening I would think are probably 5% however you never know.

I actually think 25 is a better age for the child so would look to stipulate this.

[TommoPhysicist]

Thanks will try and search them out. Im thinking more and more along the lines of doing this. I would want some flexibility if all of a sudden I go broke and need to sell the home how easy would it be to do that - the chances of this happening I would think are probably 5% however you never know.

I actually think 25 is a better age for the child so would look to stipulate this.

You will have no chance of ever selling the house again.

It would be the child's house, and the court won't give permission for it to be sold.

What you want or care about is irrelevant, once your child has reached age 20, the new adult can do whatever they want.

Edited January 21, 2013 by TommoPhysicist

[Khun Jean]

Thanks will try and search them out. Im thinking more and more along the lines of doing this. I would want some flexibility if all of a sudden I go broke and need to sell the home how easy would it be to do that - the chances of this happening I would think are probably 5% however you never know.

I actually think 25 is a better age for the child so would look to stipulate this.

You have to look at it differently.

If there is a 5% risk of you going broke, be happy you would still have a house to live in.

With buying real estate, flexibility is going out the window.

Flexibility is cash or gold.

The higher risk is that your kid kicks you out of their house, because you were not talking nice about there girlfriend/boyfriend. 20 somethings can have attitude.

Edited January 21, 2013 by Khun Jean

[joker7]

Yep especially when they may use it as a tool against you to get there way.......mmmmmmm.....doesnt sound to good a move now....maybe back to putting it in a company name then....

[ThailandInvestmentGuide]

... maybe back to putting it in a company name then....

And again you will find that there are actual or potential pluses + minuses in going down that path. There is no perfect fix ... and always some degree of uncertainty or compromise ... with each approach (to owning/controlling real estate) suiting each individual to a greater or lesser extent depending on their specific circumstances. For this reason you really need to research all possible options thoroughly before making a decision

[jamescollister]

Yep especially when they may use it as a tool against you to get there way.......mmmmmmm.....doesnt sound to good a move now....maybe back to putting it in a company name then....

Know some will tell you there are ways of securing your rights to stay, but all of them have big hole in them. The only safe way is be a good husband, stay married. Jim

[safetynet]

Hi All,

I have a Ltd company... I have 2 daughters aged 6 & 8.... Myself and they're mother have split up and were never officially married....

I would like to buy some land firstly in my companys name and then transfer it to my 2 daughters a little later (7 yrs later) as a gift when a house/office and gardens have been made...

My company has been trading for 12yrs and is 100% upto date with its taxes and is doing ok.... The Bangkok Bank has said it can give my company a commercial loan that will be 30% down and then 7yrs pay back...

Can anyone see any flaws with what i plan to do ?? I have been told previously that a company can give away gifts (ie land/house) to family members and that will be tax free....

any advice or ideas will be treated with open ears,

many thanks in advance, Safetynet

[Khun Jean]

A company does not have family members, so that would be impossible.

[rayongchelsea]

It would also be a related party transaction. a gift would prejudice the other shareholders as it would be a loss of value to them.

The advice that you could gift something from a company which has a value and not be taxed on it is hard to believe, I would start doing it immediately.It has to be stated at cost on the balance sheet, my only guess is if you gift it the value would be deemed to be income and taxable. If your company runs at a loss then the losses may cover it.

My house was in my daughters name. No problems. It can be sold but but you have to go thru the family courts, the process is a hassle but it safeguards the children's asset.

We waited until she was 20 and then sold it. She just gave a power of attorney to our lawyer, not involved otherwise.

[David48]

To the OP ... thanks for the original question ... I may need the answer in a few years time.

[TravelerEastWest]

Hi All,

I have a Ltd company... I have 2 daughters aged 6 & 8.... Myself and they're mother have split up and were never officially married....

I would like to buy some land firstly in my companys name and then transfer it to my 2 daughters a little later (7 yrs later) as a gift when a house/office and gardens have been made...

My company has been trading for 12yrs and is 100% upto date with its taxes and is doing ok.... The Bangkok Bank has said it can give my company a commercial loan that will be 30% down and then 7yrs pay back...

Can anyone see any flaws with what i plan to do ?? I have been told previously that a company can give away gifts (ie land/house) to family members and that will be tax free....

any advice or ideas will be treated with open ears,

many thanks in advance, Safetynet

Sell your daughters preferred shares at a low price - they will have ownership without control.