Forum Replies Created
There is one in clayfield, brisbane that we went to and were told by them that one property per year was not realistic. This is where I left and thought, that contradicts what Margret Lomas says in her books. I did not use them.
CATA
Asset Protection Specialist
[email protected]Originally posted by grossrealisation:Hi Cata
Are you in sydney I would like to talk about unit trust and assett protection for my trusts.
If yes to above then we may talk at the meeting on sept 11here to help
Hi GR
I am in Brisbane and will be on a plane on sept 11. I know good day to fly but am going to see a man overseas to talk about offshore mutual funds.
Should be interesting.If you want to talk just e-mail me.
CATA
Asset Protection Specialist
[email protected]Quote:Originally posted by voigtstrCan I still have a trust structure set up to buy the PPOR house if the intention is for it to be an investment 6 months or more down the track.
Yes, a trust can own it and you can rent it of the trust, then when you move out a new tenant moves in. I am unsure of FHOG though. Don’t think so.
What kind of trust do I need and who can help me set it up (I live in Hobart).
Depends on the return of property and personal circumstances which type, possibly discretionary trust or hybrid trust.
How do both my partner and I receive profits from the trust?
You become beneficiaries of the trust.
E-mail me if you want to talk.
Hope this helps
CATA
Asset Protection Specialist
[email protected]Hi GR
Just remember that american muscle cars have a problem with brakes and handling.
Make sure you know your investment vehicle well.CATA
Asset Protection Specialist
[email protected]Originally posted by Dazzling:I reckon if you sat down and did a cost benefit analysis w.r.t. insuring your IP’s, the only event worth insuring is the full on fire scenario, and even then they’ll try their utmost to wriggle out of it.
Insurance companies are in it to make returns for shareholders, not to make life easy[biggrin]
They always have a “WRIGGLE OUT CLAUSE” in the fine print IMO, so they can do exactly that. Sometimes it is cheaper to fight you than pay you.
CATA
Asset Protection Specialist
[email protected]You could rent a own property from a discretionary or hybrid trust, but I would use a RE manager, just to keep it at arms length. I would not sell my POPR to a trust then rent it back as this could be seen as tax avoidence, but buying a new house is different I believe.
CATA
Asset Protection Specialist
[email protected]Come on guys, Help rather than Hinder.
We are all here to learn or help, lets keep it that way.
CATA
Asset Protection Specialist
[email protected]I would be intrested also. Always keen to hear what others are doing.
CATA
Asset Protection Specialist
[email protected]Excellent topic Dazz.
Advice is just that, Advice. But checking on that advice is also important. I always get more than one opinion on important matters.
If the Financial planners are so good then why are they still working? I think I am in the best position to make my money work for me, and if it goes belly up, so what, it’s my money and my fault.
Make your own choices and have no one to blame but yourself.
CATA
Asset Protection Specialist
[email protected]Hi Redwing
I have one question for everyone, Why do people need to see their accountant face to face? My accountant is in Melbourne and I live in sunny Brisvagas. I would not know him if I passed him in the srteet, but he has saved me many, many dollars while I have been using him.
The point I’m trying to make is “Your accountant is your employee. Does it matter where he/she works as long as they do a great job.”
Something to think about anyway.
CATA
Asset Protection Specialist
[email protected]You can use different stratagies that do not involve selling your property to the trust. This can save thousands of dollars but also give you the protection you need.
You need a plan of what to protect in which order.
E mail me if you want to talk.CATA
Asset Protection Specialist
[email protected]This is one of many questionable lawsuits, and it is becoming more common as there is now a precident set. This type of thing really gets my nickers in a knot. I think that it’s the “No win no fee” lawyers that are to blame for the current litigation nightmare we are in.
Hopefully it will not last for ever.
CATA
Asset Protection Specialist
[email protected]I do recommend insurance but this does not cover everything. Criminal negligence is the main one,as you can not insure against a criminal act.
You are responsible for the upkeep of your IP’s even if you have a manager. If someone sues you for an injury sustained in a IP it can be argued by your insurance company that you were negligent.
This would then have you fighting 2 court battles, one against the litigant and and against your insurance company to prove that you are not liable.
Remember that insurance companies are only in it to make money. Sometimes it is cheeper to fight you in court than to pay you out.
There has been some interesting cases. Most you will not hear about as 90% of cases will settle out of court, therefor the settlement sum is confidential.
CATA
Asset Protection Specialist
[email protected]I only ever sell if I can get a better deal somewhere else.
CATA
Asset Protection Specialist
[email protected]Originally posted by hellman:Trusts—
Best asset protection (IMO) if you get sued you can protect your assets (with a company as trustee it is very difficult for anyone to get your assets).The only way a good trust will loose an asset is from inside the trust eg. something happening in a house owned by the trust. Then the most you will loose is what is inside that trust only.
CATA
Asset Protection Specialist
[email protected]Could the trust sub-divide the land?
If you sub-divide it first then you pay two lots of stamp duty and CGT, If you sell it first then you pay only once.CATA
Asset Protection Specialist
[email protected]You probably need to sell the property to the trust before the sub-division. Selling the land at a low price may be an option, but not to low or this might raise some questions with the ATO. Maybe a little under market value.
This is probably the best way, but more info would be helpful.
CATA
Asset Protection Specialist
[email protected]If the trustee company registers for GST it then becomes a trading company. I would only register the trust as you want the company to stay non-trading.
CATA
Asset Protection Specialist
[email protected]Originally posted by Mukta:I am alittle confused with your reply though,
what your saying in your first message made sense to me, but in your next message you say waiting is nonense?Paula
Sorry for the misunderstanding. Waiting until october to talk to someone is nonsence. I would find someone who wants my business and can set structures in place ASAP.
Is this a residential IP or commercial IP?
Gafama has some great points.
If you want to talk just E-mail me.CATA
Asset Protection Specialist
[email protected]The advice I have says that this is not necessary,as long as Asset Protection is the main reason the rest ae secondary benifits.
CATA
Asset Protection Specialist
[email protected]
