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This is the legal opinion of the barrister that I use.
It is a semantic division which the law adopts: The trustee owns the trust
assets in name only – the benefit of those assets (enjoyment of them) is the
sole exclusive right of the beneficiaries of the trust. Hence, if the
trustee is sued in a personal capacity (unrelated to management of trust
assets) the claimant has no right to the trust property, as the trustee does
not have ‘full’ ownership of this property.The appointer has limited control over the trustee. The appointer can only remove or replace the trustee,but can not tell the trustee what to do. Lets assume that the appointer is not the trustee(or director of a corporate trustee).
The appointer has no control of what happens inside the trust.CATA
Asset Protection Specialist
[email protected]30CH
I have done some research(not on google) and have found that I was incorrect. Thank you for pointing it out.[withstupid]
As for the appointer, my understanding is that the appointer can make suggestions to the trustee, but the trustee does not have to listen. The only thing the appointer can do to override the trustee is to wind up the trust, at which point the trustee must do so but then distribute funds as the trustee sees fit(not the appointer).
I would be interested in hearing your comments.
CATA
Asset Protection Specialist
[email protected]Hi Wylie
I have not heard anything, but if it settled out of court the details are not released.
CATA
Asset Protection Specialist
[email protected]Yeah interesting read; but Harry’s dow 40,000 is running out of time eh?
[/quote]
He has untill 2009/2010. I guess time will tell.
CATA
Asset Protection Specialist
[email protected]If the trustee is the legal owner eg. a company, then why do we set up a trust at all as the trust would be unnecessary? And why does the trustee not pay expenses or recieve income unless it is a beneficary(not something I would do)?
CATA
Asset Protection Specialist
[email protected]You learn something new everyday, I just did.
CATA
Asset Protection Specialist
[email protected]Originally posted by 30Ch:Anyone thinking they can easily “change beneficiaries” or “add beneficiaries” by simply having a Minute done or changing the trust deed must have a morbid desire to add to the coffers of the revenue authorities. If you add a new beneficairy to a trust you are likely to fall into the trap of what they call a resettlement which can bring about all sorts of stamp duty and cgt horrors. That is why when trust deed are properly set up they describe a wide group of people, such as ‘the children of…”, so that any new children automatically come within the list of beneficiaries without having to change the list of beneficiaries
If the trust deed has provisions for a change like this then it can be as easy as a minutes entry, and that is EXACTLY why it is better to spend a bit more on a trust that has flexibility.
Times change and structures need to be able to change with them.
CATA
Asset Protection Specialist
[email protected]My understanding is from settlement as that is whan it is yours outright(except fot loans).
CATA
Asset Protection Specialist
[email protected]Try to get a copy of “The Bubble Boom” by Harry Dent. Very interesting read.
CATA
Asset Protection Specialist
[email protected]Originally posted by 30Ch:The trustee is the owner
The trustee is the controler, not the owner. For all legal and tax purposes the trust owns the asset but is controled by the trustee. The trustee has to pay as it is in control(liable) for what happens in the trust.
CATA
Asset Protection Specialist
[email protected]If the deed allowes you to change benificiaries then it should be a minutes entry. If the deed does not allow you to change you can not.I think GR has it right for a maiden name though.
CATA
Asset Protection Specialist
[email protected]I have had many negative comments from people that have been told that they need Asset Protection when they clearly do not. Being one of these “Asset Protection Specialists” I feel that some others are possibly in it for the wrong reasons, which makes me feel as if I am being draged down also.
Having said that, I believe that the trust deeds we use are some of the best around. We also have a large group of solicitors and barristers that I turn to for all my legal advice.
The reason that I decided turn to Asset Protection is from a personal experience that almost cost me in excess of six figures. Not a nice position for anyone especially for a first time investor. The more I looked, the more I realised that who I was asking for advice didn’t seem to know much more than me. Now it seems that I have some accountants calling me for an “Opinion”.
I personally am in it to help people that are not sure if they need help or not. I inform them of what is available, give them some options and let them decide for themselves. As for others, I can not control what they say or do and am in no position to do so.
All I can say is to do your own “Due Diligence” and decide for yourself whether it is right for you. I have had no bad reports about myself and would like some feedback, good or bad.
CATA
Asset Protection Specialist
[email protected]I believe she has learnt everything from Ed Burton.
CATA
Asset Protection Specialist
[email protected]I have awlays thaught that a fixed rate cut means the bank is betting on intrest rates being lower in the future, or at least not rising.
Just my understanding,CATA
Asset Protection Specialist
[email protected]My preference is anything as long as you get the land. There is no more land being made and I believe that you will get better CG.
My pics include, Houses, Blocks of flats, Duplex ect.
But remember that I do not know Darwin at all.CATA
Asset Protection Specialist
[email protected]E-mail me if you want to talk. I will be away until 18 sept but after that is ok.
CATA
Asset Protection Specialist
[email protected]Something +ve to offset the -ve is a good idea. Even a +ve IP will offset the loss(have seen this many times).
CATA
Asset Protection Specialist
[email protected]Originally posted by lupus1704:Have a couple of properties within a discretionary trust. Was thinking of also holding shares within said trust structure.
Hi Lupus
In Holding shares I assume that is investing in the stock market.
If you are holding the shares long term(longer than 12 months) then I think only issue is asset protection(if the trust falls then you will loose the lot, if the property and shares are in different trusts then you would only loose what’s in one trust).
This is what I would consider or possibly invest in a market linked life bond as this is a life insurance policy not an asset.CATA
Asset Protection Specialist
[email protected]
