Your reply looks contradicting. Own family talk about trust, other people family talk about mistrust.
his father ic punch hole liao
What problems?
My father has a joint posb account with me, but the whole 6 figure balance in it is his and earning 0.05% only
I brought my to a bank and made him sign all the required documents to open a joint savings account that offer 1% interest. Then I transfer 49k from our joint account to the new account (with his prior knowledge).
Without telling me, he told my sis that 49k has been drawn from his posb without his knowledge or permission and he is not happy.
He also told another sis, I had use his money to buy a hdb flat as I had prior to that bought a hdb flat in his sole name in preparation for a day when my sis would kick him out
But he never question or tell any of my sis that he is receiving the monthly bank statement from the new bank that shows the 49k plus better monthly interest.
Now he doesn't trust me. Like that how?
We understand that! But creditors and courts don't care about the trust relationships and informal assurances/insurances within families. They just want, and will get, their assets if there's a problem. The insurance characteristics of family relationships are enhanced when titles to assets are reasonably well distributed across the family. It's like having multiple watertight compartments on a ship instead of having the whole ship sink when there's a single misfortune. And even the most responsible family member -- not a given in the thread starter's case -- can experience misfortune.
creditors and courts dont care. but do they have any involvement here?
YES! That's an omnipresent risk everybody faces, to some degree.
)
Based on what u explained above, u are exploring a "possible hack" so u can indirectly withdraw your CPF OA prior to 55.
For u to confirm if this hack works entirely and properly, it is best to meet HDB to discuss the conditions and requirements u need to meet before this transfer can be executed as u planned (without telling them the last bit where your mum will give u money
Since u want to get the cash out ultimately, u would be exploring a resale transaction (not just add u as additional owner or transfer ownership), read some info here https://www.hdb.gov.sg/cs/infoweb/r...changing-owners-occupiers/change-in-ownership
Per the hdb website which talks about part sale, it can be done between family members at a mutually agreed price. What about full sale?
You will have to pay your mum at least the cpf monies and accrued interest to be returned back to her CPF. If she is eligible to withdraw cos she is above 55, she can withdraw after that.
As to the $350k resale price, u have to check/confirm how much u are eligible to withdraw from your CPF for housing. Confirm with HDB whether independent valuation is required to withdraw that amt from CPF. If everything is ok, u can use your CPF of $350k to pay your mum, part CPF in cash and part into her CPF.
There u are your hack! Trust u will take good care of your mum
(i have no experience, just logical thinking based on what I read at HDB website)
Right, that’s precisely the point! SHE CANNOT rescue her child. She has already been zeroed out! The first catastrophe is the mortal one, financially.
