I have heard people talk and try to explain it over and over…..
Call me a PE teacher, but I just don't get it yet….
Why should I do it?
How do I do it?
Where do I go to do it?
How long does it take to set up?
If I settle on a property one week from now and I need to change the sale of contract and loan from being in my own name to a trust, can it be done in a week?
Help.
SIrDangerMouse
Assuming you are a PE teacher and employed rather than self-employed then asset protection due to the likelihood of being sued personally would be unlikely. ;In most states your employer would be vicariously liable for your wrongdoing and you would be indemnified by your employer for any damages ordered against you. Just ensure you comply with all child protection requirements and guidelines.
Will the Vendor consent to a change this late? This would require a fresh finance application.The best reason I have seen arguing for trusts is from Cgris Batten on Somersoft a couple of years ago talking about land tax unit trusts and the ability to use them to end up being able to move residences into superannuation at minimal stamp duty.
Why should I do it?
How do I do it?
Where do I go to do it?
How long does it take to set up?
If I settle on a property one week from now and I need to change the sale of contract and loan from being in my own name to a trust, can it be done in a week?
1. A trust is a legal arrangement where A holds property for B. You may do this to benefit your family members for years to come, to make it tax effective, estate planning and to make the investment tax effecient.
2. Generally a trust deed is executed and someone called a settlor hands over some sort of property to the trustee and asks them to hold this on trust. Initial property is usually $10 for stamp duty reasons
3. Solicitor
4. 30 seconds – but you need to allow preparation time, thinking time etc
5. Best to do it before you exchange contracts. You will need to redo the loans, consider stamp duty implications, asset protection implications and deposit. Speak to a lawyer quickly as it may still be doable (not a conveyancer!). Also speak to your broker next, or maybe first.
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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