I have read alot about trusts Dale’s book and the net, have recently changed to a new accountant and realy like him as he has fixed 4 years of late returns for me, BUT he seems to know very little on trusts, do I go see another acc or a solicitor.. there are assie sites on the net where you can set up your own trust does antone have any experience with these,,
when I set up a trust can I use an existing pty company for a trustee or do I to set up a new oneHi, good to see he fixed up those tax returns!
I didn’t know about online trust applications. We just had one drawn up.
I would say your solicitor can get everything drawn up for you but you have to talk to your accountant to get the right structure for your plan, including pty as trustees.
We got our accountant to write a quick note to the solicitor about what we needed. That way I didn’t forget everything. (too many big words for me).
If your accountant is not on the same page as you, find someone who is.
Have fun!
[medieval]Matt
Be careful of solicitors – they charge more than accountants and tend to know less than them.
and yes, i would look for another accountant that can help you and knows more about Truts. Alternatively you can ask your accountant to work with another one who knows about Trusts.
Kind Regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
I have set up a few trusts online at
http://www.lawcentral.com.au
the cost for a discretionary trust deed is about $275.A friend of mine has recently setup one using the deed from:
http://www.cleardocs.com.au
and this only cost $135 approx.There are not much to trusts, you may need a bit of advice, but then could probably just set up one by yourself to save some money.
You can use an existing company as trustee, but generally you should not use a trading company as if this is sued for a business related matter, the trust assets may be at risk.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have just bought ‘Trust Magic’, which is a very useful reference book for all those little questions about trusts.
TerryW
Can a Pty Ltd Company be set up on line?wamcdona21952, finding a good accountant that you are happy with , on the same wave length etc is important. I have been through five bean counters untill my present guy.
One thing I learnt long ago is to ALWAYS ask for a costing on work done for you. Cultivate a good relationship but remember the above!
What sort of an accountant is one who doesn,t know about trusts? Isn’t this bread and butter to an accountant??
Purse
Pursefattener
Yes you can creat a pty ltd company at http://www.cleardocs.com/ for about $937.
And you would be surprised that many accountants do not understand trusts.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you are going to to get simple family trust then I think you can get this from anywhere as Terry suggested get from the company who is charging $135 (you have to pay extra $220 for stamp duty if I remember).
but if you are looking for unit trust, Hybrid trust or some other complex structure you need to find good accountant.
Cheers
PropertyGuRu
[sultan]Mortgage Consultant
I found out that trusts only last for 80 years. How are you going to pass the trust to you kids when the trust expires and they have to transfer everything to a new trust and pay CGT or sell everything and pay CGT?????
How do you get around this??
Originally posted by hoarel:I found out that trusts only last for 80 years. How are you going to pass the trust to you kids when the trust expires and they have to transfer everything to a new trust and pay CGT or sell everything and pay CGT?????
How do you get around this??
don’t know but I’m sure there will be some scam…. oops I mean way around it maybe ask Mr Bond
Originally posted by hoarel:I found out that trusts only last for 80 years. How are you going to pass the trust to you kids when the trust expires and they have to transfer everything to a new trust and pay CGT or sell everything and pay CGT?????
How do you get around this??
Isn’t 80 years long enough
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
Yes. Why is it that trusts only last for 80 years?
Purse
WAM: It’s worth coughing up money to get the correct advice to set you on your investing path.
Contact Dale and have a chat to him.Originally posted by Pursefattener:Why is it that trusts only last for 80 years?
To comply with a thing called the “rule against perpetuities”.
Google it and you’ll get the idea. Apparently it’s a rather complicated piece of law.
GP
Aceyducey,
I don’t know how old you are or what your plans are. But for me being in my 20’s, with a 3 and a 1 year old and another unborn. 80 years is bugger all in a plan for this generation. Throw in a couple of investment properties, and a farm. How do you expect the farm to be passed on if the trust expires in 80 years. To answer your question, no 80 years is not long enough. Maybe you don’t plan on being here in 20 years!
I agree 80 years isn’t long in the big picture, if you look at the boom bust cycle of sydney over the last 20 years I wonder how my children will ever afford to buy a home here I have 5 kids the youngest is only 3 she will go through 2 or 3 more cycles before she’s even thinking about buying, what will they be woth then???
Originally posted by hoarel:I don’t know how old you are or what your plans are. But for me being in my 20’s, with a 3 and a 1 year old and another unborn. 80 years is bugger all in a plan for this generation.
Hey hoarel,
33 & I plan on being around for awhile – as will my Trust.
I reckon it’s a trivial issue & doesn’t require 50+ years of forward planning.
Even if you plan your in-80-years exit now, political, economic, legal and social factors may make your exit unworkable at the time.
Australia is only 103 years old as a nation for buddha’s sake! Barely older than the first few Trusts under Australian law. The nation may not even exist in it’s present form in 80 years.
Get your portfolio working, build your wealth & worry about it when the Trust has less than 20 years to live.
As Steven Covey says – ‘Put First Things First’.
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
Originally posted by wamcdona21952:I agree 80 years isn’t long in the big picture, if you look at the boom bust cycle of sydney over the last 20 years I wonder how my children will ever afford to buy a home here I have 5 kids the youngest is only 3 she will go through 2 or 3 more cycles before she’s even thinking about buying, what will they be woth then???
Hey RELAX wamcdona, by the time your youngest girl is ready to purchase a place you’ll be able to GIVE her five! [biggrin]
Ali G
yes Ali G you are right
G’day,
I’m looking to set up a family trust as well. Did you find/get any more info on setting up a family trust yourself?
Any help appreciated.
JD.
JD
Try these
http://www.lawcentral.com.au
http://www.cleardocs.com.auTerryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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