Buying a flat under the name of young kids?

Go Back   Expat Forum For People Moving Overseas And Living Abroad > Europe > France Expat Forum for Expats Living in France

France Expat Forum for Expats Living in France Welcome to the France Expat forum. This is the place to meet like minded people who have made France their new home. This forum is ideal for those who have moved to France and those thinking about making France their new home.

Buying a flat under the name of young kids?


Closed Thread
 
Subscribe to this Thread Thread Tools
  #1 (permalink)  
Old 19th October 2013, 05:04 PM
New Member
 
Join Date: May 2013
Location: Paris
Posts: 37
Rep Power: 0
Woofette is on a distinguished road
10 likes received
38 likes given

Users Flag! Originally from taiwan. Users Flag! Expat in france.
Default Buying a flat under the name of young kids?

I came to live in France with my husband, and it has been 6 months by now. We consider buying a property in/around Paris. I have been extremely impressed by the French succession tax - my sister in law passeed away a few months ago (she was single), my husband inhirated quite a few stuffs but with the tax he needs to pay...wow...
As we have kids quite late, our kids just passed the age of 4 years old (twins). I am wondering if I should purchase the house/flat under the name of my kids, so in case anything happening to us (nowadays it seems people easily get cancers)? If I did this, my kids could have a place to live without worrying too much of tax they need to pay to the French government? Has anyone done this before? Is it a right direction, to purchase a property under the name of young kids?
Many thanks in advance for your kind advice/comments...

Quick reply to this message
  #2 (permalink)  
Old 19th October 2013, 05:54 PM
Member
 
Join Date: Mar 2013
Location: Mexico, Jalisco , Chiapas
Posts: 3,435
Rep Power: 339
citlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond repute
2139 likes received
1014 likes given

Users Flag! Originally from france. Users Flag! Expat in mexico.
Default

A notaire is the best person to go to for advice.

Quick reply to this message
  #3 (permalink)  
Old 19th October 2013, 08:04 PM
Bevdeforges's Avatar
Super Moderator
 
Join Date: Nov 2007
Location: deepest, darkest Essonne
Posts: 45,439
Rep Power: 23231
Bevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond repute
9411 likes received
1225 likes given

Users Flag! Originally from usa. Users Flag! Expat in france.
Default

The age of majority in France is 18 and until your kids come of age, I don't believe they will be allowed to hold property in their own names without a parent or guardian to hold the property title for them. (But as citlali says, you should talk to a notaire about this.)
Cheers,
Bev

Quick reply to this message
Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 20th October 2013, 01:30 AM
Member
 
Join Date: Mar 2013
Location: Mexico, Jalisco , Chiapas
Posts: 3,435
Rep Power: 339
citlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond repute
2139 likes received
1014 likes given

Users Flag! Originally from france. Users Flag! Expat in mexico.
Default

Even if it were possible as Beverley says thee would be under a guardian and it would limit your ability to sell if you wanted to or had to.
Under community property the kids are protected and will inherit the share the deseased parent automatically.
The kids are the direct heirs not the other spouse as under that regime spouses do not inherit from each other.

Quick reply to this message
  #5 (permalink)  
Old 20th October 2013, 06:49 AM
Bevdeforges's Avatar
Super Moderator
 
Join Date: Nov 2007
Location: deepest, darkest Essonne
Posts: 45,439
Rep Power: 23231
Bevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond repute
9411 likes received
1225 likes given

Users Flag! Originally from usa. Users Flag! Expat in france.
Default

Quote:
Originally Posted by citlali View Post
The kids are the direct heirs not the other spouse as under that regime spouses do not inherit from each other.
Just a quick note - there was a big reform of the inheritance laws a few years back and spouses now do inherit from each other (but with pretty severe limits - no more than 25% of the estate if there are children in the picture).

If you're primarily worried about the inheritance taxes, most people take out a life insurance in an amount roughly equal to the estimated taxes. Life insurance proceeds are not part of the inheritance.
Cheers,
Bev

Quick reply to this message
  #6 (permalink)  
Old 20th October 2013, 02:41 PM
New Member
 
Join Date: May 2013
Location: Paris
Posts: 37
Rep Power: 0
Woofette is on a distinguished road
10 likes received
38 likes given

Users Flag! Originally from taiwan. Users Flag! Expat in france.
Default

Thanks Citlali's reply.

Many thanks to Bev. Yes I was worried about the inheritance taxes my kids will need to pay to government. Your advice is very helpful, as in where I am from, life insurance concept is rather different. This would be my back up option. I think I will try to see a notaire - because if house could be bought under young kid's names, I presume I could then skip in preparing not a small amount of fund just for the sake of having kids to have a property to live in France after my departure... In case it is possible, I will come back to report on this issue...

Cheers,

Quick reply to this message
  #7 (permalink)  
Old 20th October 2013, 03:03 PM
Member
 
Join Date: Apr 2009
Location: France
Posts: 686
Rep Power: 0
Tinabee is on a distinguished road
4 likes received
3 likes given

Users Flag! Originally from uk. Users Flag! Expat in france.
Default

The inheritance tax allowances between parents and children are a lot higher than between brothers and sisters. At the moment each child can inherit €100,000 from each parent with no tax to pay. Whereas, the allowance for brother/sister is only €15,932 - so your worries may be much smaller than you think. A notaire would help you with inheritance planning to protect your children.

Quick reply to this message
  #8 (permalink)  
Old 20th October 2013, 03:29 PM
Member
 
Join Date: Mar 2013
Location: Mexico, Jalisco , Chiapas
Posts: 3,435
Rep Power: 339
citlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond reputecitlali has a reputation beyond repute
2139 likes received
1014 likes given

Users Flag! Originally from france. Users Flag! Expat in mexico.
Default

My grand parents had a lot of property and did what we call the" partages " while alive to go around he inheritance laws. They retained the use of the properties until their death and they paid the taxes on them but the properties were passed on with minimum tax if any..I do not know if things can still be done that way but ask the notaire,
The insurrance is also a good way to make sure the kids get money to pay wharever tax or expense there is. You can also get insurrance that will pay off the mortgage in case of death if there is a mortgage to pay.
I am sure the notaire will have options for you if you explain your goal, make sure you go over all the plus es and mines.

Quick reply to this message
Closed Thread


Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Expat Forum For People Moving Overseas And Living Abroad forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:
Location
Where you live
Expat From Country
Please select the country you originate from. This will appear as a flag when you make posts on the site.
Expat To Country
Please select the country you have either moved to or want to relocate to. This will be presented on the site when you make posts.

Log-in


Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Moving with Young Kids Nottingham Philippines Expat Forum 8 25th November 2013 10:22 PM
Amenities for young kids pammy221 Cyprus Expat Forum for Expats Living in Cyprus 1 6th January 2013 05:55 PM
Young couple no kids - where to live? crunchyfrog Dubai Expat Forum for Expats Living in Dubai 20 7th September 2011 01:58 PM
Three young kids, need car that is safe , big enough for kids but small enough niffy37 France Expat Forum for Expats Living in France 5 27th June 2010 07:01 AM
Buying a flat in London misterbelvedere Britain Expat Forum for Expats Living in the UK 1 23rd February 2009 09:14 AM

FORUM PARTNERS

ExpatForum.com is owned and operated by VerticalScope Inc.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 06:56 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.