finnish inheritance law

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Rip
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Re: finnish inheritance law

Post by Rip » Wed Sep 21, 2016 8:00 am

According to law a sale clearly below the market value should be treated as gift and taxed as such.



Re: finnish inheritance law

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betelgeuse
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Re: finnish inheritance law

Post by betelgeuse » Wed Sep 21, 2016 8:24 am

roger_roger wrote:does this mean when a person dies and he doesn't have anybody to inherit his property then his property belongs to government after death?
Yes. The state is the final fallback.
Rip wrote:According to law a sale clearly below the market value should be treated as gift and taxed as such.
should --> must


Rip
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Re: finnish inheritance law

Post by Rip » Wed Sep 21, 2016 9:06 am

betelgeuse wrote: should --> must
I only meant i have no idea how thoroughly thing like this is actually monitored.


Rosamunda
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Re: finnish inheritance law

Post by Rosamunda » Wed Sep 21, 2016 4:57 pm

I would hazard a guess and say it is monitored 100%. Every real estate transaction goes through the system and subject to various taxes etc so there is no way it would go un-noticed.

In France, there is a system called "viager" which allows for this scenario whereby an older person can sell the title to their property and pay rent during their remaining years. The new owner can take possession only after the occupier's death. One famous case was that of Jeanne Calmant who was 122 when she died. She outlived the person who had bought her home by many years...

On a similar note, one of our neighbours was seriously injured in a house fire a few years ago. He went into hospital and remained in care afterwards. He had no descendants. The property was left more-or-less abandoned for a few years and then KELA sold it off (at least that's what one of the other neighbours told me) presumably to fund the old man's care.


betelgeuse
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Re: finnish inheritance law

Post by betelgeuse » Sun Oct 02, 2016 3:38 pm

Rosamunda wrote:In France, there is a system called "viager" which allows for this scenario whereby an older person can sell the title to their property and pay rent during their remaining years. The new owner can take possession only after the occupier's death. One famous case was that of Jeanne Calmant who was 122 when she died. She outlived the person who had bought her home by many years...
It's possible to structure a deal like that in Finland too.
Rosamunda wrote: On a similar note, one of our neighbours was seriously injured in a house fire a few years ago. He went into hospital and remained in care afterwards. He had no descendants. The property was left more-or-less abandoned for a few years and then KELA sold it off (at least that's what one of the other neighbours told me) presumably to fund the old man's care.
I have trouble believing this. For starters, Kela does not sell anyone's assets. Secondly, current legislation does not require anyone to sell their dwelling to fund medical care. The person might have chosen themselves to sell it if he could not take care of payments like mortgage otherwise (reduced income when in care).


Rosamunda
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Re: finnish inheritance law

Post by Rosamunda » Mon Oct 03, 2016 12:05 pm

I don't think the person in question was able to make those decisions for himself. If there are no other family members can the State take 'tutelage'? (don't know the term).

The house was demolished and the land cleared after the fire (no dwelling remained) but it was maybe 3 more years before the land was sold and redeveloped. Maybe he died. I didn't know him, it was just hearsay from the neighbours.


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Pursuivant
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Re: finnish inheritance law

Post by Pursuivant » Mon Oct 03, 2016 1:14 pm

betelgeuse wrote:
Rosamunda wrote:In France, there is a system called "viager" which allows for this scenario whereby an older person can sell the title to their property and pay rent during their remaining years. The new owner can take possession only after the occupier's death. One famous case was that of Jeanne Calmant who was 122 when she died. She outlived the person who had bought her home by many years...
It's possible to structure a deal like that in Finland too.
It is rarer these days, but say a hundred years ago it was still the "norm" when you had a farm and handed it over to the younger generation. Basically, it was a pension agreement and sometimes quite detailed, as money wasn't used rather than items and produce ( two pairs of woollen socks, a linen shift and fifteen pounds of butter). How we know of this is as always there was some family feud going on, and the court papers have survived detailing the strife between the in-laws and the detailed agreements. Magic word is "syytinki" or "syytinkisopimus".
"By the pricking of my thumbs,
Something wicked this way comes."


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