We want to buy a condo (cash) in NV…We want to either put it in my son's name or family trust…If I set up
a family trust buy a property in the first instance rather than my son purchasing the property then doing a grant deed?Thanks.
It is best you speak with a qualified practioner to ensure you setup a structure that works for you, your investment strategy and your overall objective. If you are intending on setting up an Australian family trust you can look down the path of the trust owning your US based Limited Liability Company (LLC) which may provide asset protection and taxation benefits. In my opinion, it's best to set up the structure correctly at the beginning to save issues and dollars further down the track.
If you're intending to purchase further US property down the line you may want to look into setting up a head LLC in a state such as Wyoming or Nevada which will be owned by your Australian trust and then having underlying LLC's own individual properties. You then need to have the discussion with your accountant regarding how you want the head LLC taxed (i.e. as a C Corporation?)… ultimately you want the best tax structure for profits coming back into the Australian trust.
Steer well clear of holding property in an indivdual's name.
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