Asset Protection

Viewing 4 posts - 1 through 4 (of 4 total)

LittleMermaid
Member
@littlemermaid
Join Date: 2003
Post Count: 9
June 4, 2003 - 8:00 am
My husband and I own a property at Mermaid Beach Qld and unfortunately it is in both our names because we purchased it a few years ago before we decided to change our situation and move towards financial freedom. I attended the property seminar last weekend so learnt heaps and we have everything ready to go re finance, trust etc for our property investing. My question is that we have a lot of equity in our principal place of residence and we are concerned about asset protection or should I say lack of. If we take it out of our names it will cost us apr $30,000.00 in stamp duty! Our accountant suggested loading the monies borrowed for the investment properties onto the home so that our equity would be much less. Anyone have any ideas??
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 4, 2003 - 8:39 am
Little Mermaid
Someone recently had a good suggestion. Your trust could take a second mortgage over your property. That way if anything happened the trust would have the right to call in the mortgage before any other creditors.
If you have a current mortgage, I beleive the first mortgage holder may have to approve of this. ie allow you to give a second mortgage.
Terryw
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
willi
Participant
@willi
Join Date: 2002
Post Count: 186
June 4, 2003 - 8:40 am
Not sure, but I think there is a type of “loophole” that allows you to place a currently owned asset into a trust if the owners are the sole beneficiaries?? Or roll it into a owned company then turn that company into a trust at a future date?
Not exactly sure on the details, i might have even dreampt this concept up, hopefully someone (michael) might be able to give their 2 cents…
Pete
…Beware of the dreamtakers…
DaveC
Member
@davec
Join Date: 2003
Post Count: 79
June 4, 2003 - 9:03 am
Hi Little Mermaid
I hope this is not an unethical thing to do, but could I suggest you email a great accountant based in Melbourne who specialises in setting up these structures for people??
His name is Dale Gatherum-Goss and his email is
[email protected]
He’s a great bloke and is only too willing to help people like ourselves getting started.
Perhaps before you even do that could I suggest reading through and listening to Steve’s Wealth Guardian package as this certainly helped me clear up a few issues I was uncertain with.
Hope this helps
Take care
Dave