Buying a property through a discretionary trust

L

Laoisa

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Good morning,
I'm at the early stages of collecting information on setting up a discretionary trust for an adult relative with Downs syndrome.
I was thinking of purchasing a property for her.
could anyone let me know
if it's possible to buy a property through a discretionary trust
and is stamp duty exempt on such purchases?
Many thanks, Laoisa
 
Yes, it's possible to either transfer a property into a trust, or for the trust to purchase a property.

I'm not aware of an exemption to stamp duty, but these are usually created through a will and there us no stamp duty on property transfers as part of a will. There are exemptions to CAT and trust taxes, but the trust needs to apply for them.

Be careful when researching to ensure everything you are looking at is based in Republic of Ireland. The treatments are different in other countries, and I've noticed before that a small number of accountants and legal firms in the North use ".ie" websites.

You need legal advice from someone familiar with setting these up regularly. I've no idea of the overall costs, but I would imagine stamp duty at 1% will quickly look relatively small.
 
Pinoy adventure said:
Maybe have a look on financial well being website as it has lots of information on it.
Click to expand...

Special Needs Trust Planning - Financial Wellbeing

Information for parents who have a child with special needs. Wills, Trusts, Guardians, Trustees, entitlements and future trust planning
www.financialwellbeing.ie www.financialwellbeing.ie

I couldn't remember that guy earlier. Great info on investing and providing financial planning for special needs, but I doubt very much they cover property held through a discretionary trust which is more a legal matter than one for a financial advisor?
 
RedOnion said:

Special Needs Trust Planning - Financial Wellbeing

Information for parents who have a child with special needs. Wills, Trusts, Guardians, Trustees, entitlements and future trust planning
www.financialwellbeing.ie www.financialwellbeing.ie

I couldn't remember that guy earlier. Great info on investing and providing financial planning for special needs, but I doubt very much they cover property held through a discretionary trust which is more a legal matter than one for a financial advisor?
Click to expand...
Alan - the guy who runs it is a solicitor.
 
Thank you Brendan and all of you for your replies and further resources.
It's good to be pointed in the right direction
 
RedOnion said:
Yes, it's possible to either transfer a property into a trust, or for the trust to purchase a property.

I'm not aware of an exemption to stamp duty, but these are usually created through a will and there us no stamp duty on property transfers as part of a will. There are exemptions to CAT and trust taxes, but the trust needs to apply for them.

Be careful when researching to ensure everything you are looking at is based in Republic of Ireland. The treatments are different in other countries, and I've noticed before that a small number of accountants and legal firms in the North use ".ie" websites.

You need legal advice from someone familiar with setting these up regularly. I've no idea of the overall costs, but I would imagine stamp duty at 1% will quickly look relatively small.
Click to expand...
Thank you, I have been granted a consultation with the CI legal team
 
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