Forum Replies Created
Thanks for the further info re: estate planning Terry. Its certainly a valid point if there is no will or an invalid will in place and TIC agreement.
Hi Terry,
Thanks for the response, yes you have a good point. I suppose there is no good reason to change away from TIC (50/50) with my wife as its the same ownership as JT in any case, however we do want to change from P&I to IO on the loan.
Terryw wrote:Jason, if you want to learn about asset protection then I would recommend the Trust Structure Guide 2012 also from the tax institute. Costs a fortune though.Thanks Terry,
Seems like quite heavy going, I’m thinking it would be a better use of my time to use an expert for this kind of thing.
Rob G. wrote:jasonlheath wrote:Terryw wrote:There are very little ways in which you can protect assets in family law situations. Transferring assets won't help.Thanks Terry, although that is really disappointing that there is no way to protect myself.
Before you START a relationship, you need to put your assets outside your effective control.
That is very difficult to do in practical circumstances (especially in NSW). How do you find trusted individuals to act as trustee, appointor etc. ? Will your superannuation trustees 'cave in' to unworthy relatives' demands against your binding nominations ?
However, so many people plan for wealth accumulation but neglect the asset protection and family succession planning.
It is surprising the number of people whose life's frugal hard work gets squandered on other undeserving individuals when they either die or become incapacitated.
You should start the long process of self education now because there are plenty of people who will offer inappropriate structures, wills, insurance etc. to get commissions out of you.
A good start would be an estate planning publication by the Taxation Institute Australia or similar professional body.
Cheers,
Rob
Thanks Rob for the informative reply. Do you have any recommendations for self education texts that I can start with, in addition to the estate planning publication by the TIA?
Terryw wrote:There is.And that is not to enter into a relationship!
Haha, yes true but not so practical
Terryw wrote:There are very little ways in which you can protect assets in family law situations. Transferring assets won't help.Thanks Terry, although that is really disappointing that there is no way to protect myself.
Brian Pobje wrote:…..
Offer on multiple properties at once.Hi Brian,
I was told by a real estate agent in Perth that this is at least frowned upon, and perhaps illegal?
kat13 wrote:So pay extra in my current mortgage for my house I am living in and roll over the investment into another period of IO? Makes sense in a way, I was very confused about the benefits of doing IO as it seems the difference is really small between paying IO and P&I so I thought it might be better to pay P&I on the investment, that way by the time I retire it should be paid off and just be straight income.This is a scenario I am interested in hearing more info about… if you pay off a house you are living in and then want to buy and move to another place (and rent out the existing house), wont you be in the situation of living in a house with a non-deductible debt, and owning an investment property with no debt? Any legal way to refinance to make it more tax efficient?
Just want to say thanks a lot Winston as this information is really useful. Im in Perth and concur with a lot of what your charts were suggesting for the start of 2011. The one thing Im not sure of though is the effect of the continuing commodity boom for Qld and WA.
