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How two parents planned to evade ABSD but ended up losing their properties
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Buying real estate for a child under a trust is the same as letting the child own the property, as it is considered a gift.
ST PHOTO: KUA CHEE SIONG
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Buying a property under a legal trust for your kids so you can dodge a hefty tax bill was a crafty bit of financial footwork until a year ago but it can turn into a costly own goal, as two parents have discovered.
They did what many families in Singapore did before a law change in May 2022:
