This week we received a referral from another lawyer to prepare the paperwork necessary to effect a transfer of one third of a property from a deceased estate to one beneficiary, in specie, i.e by direct transfer, and for the that person to buy the other two thirds from the estate, with the other 2 beneficiaries taking cash only.
If he had bought the whole property from the estate, the transfer duty would have been more than 50% again on top of what is going to be paid doing it this way, which on a property worth $780,000, is a saving of $12,500 in transfer duty.
For help with winding up deceased estates tax and transfer duty effectively, Michael Paterson & Associates can help.