Hi there
Just wondering is there a legal instrument wherby a father can gift land to his children but retain a right to use the land until he dies (similar to a "right of residence" for a house). He wants to pass the land absolute to us now (but be protected with a right of "use" until he dies). If there is such a facility what is it called?
Also, if there is a facility, can we take a deduction for CAT purposes similar to the way a right of residence burden is tax deductible?
Just wondering is there a legal instrument wherby a father can gift land to his children but retain a right to use the land until he dies (similar to a "right of residence" for a house). He wants to pass the land absolute to us now (but be protected with a right of "use" until he dies). If there is such a facility what is it called?
Also, if there is a facility, can we take a deduction for CAT purposes similar to the way a right of residence burden is tax deductible?