Forum Replies Created
Thanks for the reply @terryw, I went to the accountant because I was referred to him after making enquiries about setting a trust structure up but you make a valid point in that this should more appropriately be dealt with by a lawyer. For my first IP I was looking at paying an investment company to act as a mortgage broker, buyers agent, property management, all-stop shop etc to help me buy my first IP. When I made enquiries with this particular company in regards to buying the property in a trust structure they referred me to their accountant who advised me to wait a few properties before setting up a trust structure (even though he himself has a number of trust structures with his IP’s). I’m looking at buying the property in Queensland for the purpose of asset protection. You’ve said enough for me to understand (as I suspected) that I need more adequate legal advice on this issue. It would be great if I could pay you for your services in this area. I will call your office tomorrow to have a chat. Thanks, Blair
Hi @terryw, you mentioned that you have read Dymphna’s book on asset protection and that it has many holes in it and that you couldn’t recommend it. What specifically is erroneous about the information she shares? I read Dymphna’s book and it seemed to be a good introductory guide for the layman but I admit I am inexperienced in this area. I’m new to investing (recently purchased PPR and in the process of purchasing first IP) and want to set up a trust structure for asset protection that I can replicate/build on as I continue to build a property portfolio but I am finding the myriad of perspectives and opinions online and on forums confusing. I talked to an accountant about setting up a trust structure for my first IP and he told me that I shouldn’t set one up until I have bought 2 or 3 IP’s to show that I am serious. That didn’t make much sense to me as I’m aware that you can’t retrospectively restructure properties from personal names into trusts easily or effectively. Would you recommend buying 2-3 IP’s before considering trust structures as I have been advised? I have appreciated your comments and feedback on other forums and your tips on your profile and would appreciate further clarity on these two questions I have raised. Thanks!
