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In summary the best way to go is the following?
(1)Set a family trust with a corporate trustee
(2) Can I use have my present PTY LTD company (share trader) as a beneficiary (100% owner/director) for distributions? Or should I set another PTY LTD bucket company?
(3) I would like to gift the money to the family trust as I want to retire and concentrate on my interests in the near future. I do not wish to go into debt and will not want the funds returned to me at any stage. (except on sale) Is that Ok?
(4) Is it OK if I move into that property myself at some stage? I am thinking I might live there and rent some of the rooms out to Japanese students. Does the law allow that
with a corporate trustee? I know in case the company owned it I would be up for FBT.
Thanks Terry again…….( chikai uchi ni go soudan sasete itadakitai to omoimasu)
Thank you for your reply , Horitsu Sensei ( I lived in Japan for 17 years)
No, there will be little asset protection in the early years especially.
What you are saying is that any gifts to my DT are subject to creditors if I am sued personally (not as capacity of trustee) for the first 5 years? Hence that is why a separate trust band is ideal?
Why personal trustee? Trustee is personally liable for debts of the trust.
The trust will have no debts as the property will be fully paid for by a gift from me personally to the DT. But I think you are saying that if a tennant say sued the trustee than I personally would foot the bill?
Thanks again,
