HI my name is MICHELLE,
I am new to the internet so forgive me if it seems like I have no idea what I am doing.[
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I have read Steves book 0 to 130 properties in 3.5yrs.I thought it was a credit to him on how he made it so simple to understand. great book! I have also ordered the wealth guardian.
Would anyone be able to tell me the right way to set up a trust and how it works for 2 couples that are looking into starting out.Hi Michelle,
Welcome to the forum.
I’m sure you will find most of what you need to get started in Wealth Guardian… although it is unlikely anyone will tell you the “right” way to set up a trust because there isn’t one!
Broadly speaking there are three main types of trusts (that I am aware of):
a) Discretionary trusts
b) Unit trusts
c) Hybrid trusts (like a combination of a and b)While there is some merit to hybrid trusts (negative gearing is still possible) Wealth Guardian and most +cf investors would recommend discretionary trusts as they are more flexible when it comes to income splitting.
Once you have decided on the type of trust you need to decide who will be trustee… the trustee can either be a individual(s) or company. Your decision here will usually involve looking at potential costs, and the asset protection benefits of both. The arguments for both are put forward in Wealth Guardian.
When you are starting out you really need to consider what your investing goals are going to be. There are many discussions regarding good accountants/solicitors in different parts of the country on this forum, so I would recommend doing a search and finding one to go meet with.
Hope this helps,
-Nick
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