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Using secret family deals to avoid taxes can exact a heavy price
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The law always finds a way to make those using sham property deals pay a heavy price, such as losing the right to the real estate.
PHOTO ILLUSTRATION: PIXABAY
It might be tempting to use a secret family arrangement to save on real estate taxes but venturing into this legal minefield brings high risks, including the chance you could lose the property.
Hiding behind a “secret trust” – getting a relative to hold a property on your behalf – so you do not appear on records as an owner seems easy at first glance, but such deeds don’t stay hidden for long, especially if a family dispute flares.
