When Taiwanese star Alien Huang passed away last week, he left behind his 278sqm house in Taipei’s Beitou District that he bought in 2018 for NT$42.8mil (S$2mil). At that time, he planned to pay off his mortgage by the age of 45, which would’ve been nine years from now, but his sudden death at the age of 36 has raised concerns about the financial burden the loan might have on his parents.
Recently, an estate planning lawyer made an appearance on a news talk show to share his thoughts and expertise on this matter. He pointed out that if Alien’s family were to keep his apartment, it’s estimated that they would need to fork out at least NT$100,000 (S$4,700) a month for the mortgage repayment.
On the other hand, if they were to sell the place, they would be subject to a tax rate of 35 per cent of their gains from the sale as the holding period of the property is still less than two years.