All Topics / Legal & Accounting / Dale Gatherum and Trusts
incorporator is cool, but since it’s about 900-1000 a set up, i don’t think it’s much difference than paying Dale to do it. After all, Geo mentioned that he still charges the same fees regardless of whether u set up a company or not.
So why spend the extra money setting up the company yourself and then pay 2200 for Dale to set up the trust when the 2200 itself includes setting up the company? make sense?
Oh by the way, the trust set up fees, i think that’s a deduction isn’t it?
And NO, you can’t be the appointor, trustee and beneficiary at the same time. Trustee as a company where you’re the sole director is fine. but not in ur name. as it creates legal problems in court later when u do have to sack urself and so on.
btw, Geo, do u know how much he would increase the price to as of 1st July?
Kev
There’s no Such thing as No Can’t Do!!!!!
isn’t discretionary trust the same as family trust? just different names?
Kev
There’s no Such thing as No Can’t Do!!!!!
Motivstorm, basically they are the same thing. A family trust (from what I know) can automatically adds your family as beneficiaries, while a discretionary trust (but not a family trust) allows you to add whoever you want. Of course you get control of on how much and who gets the money with both kind od structures.
Rgds.
Lucifer_auNo Kev,
not ware of the price increase…
And NO, you can’t be the appointor, trustee and beneficiary at the same time. Trustee as a company where you’re the sole director is fine. but not in ur name. as it creates legal problems in court later when u do have to sack urself and so on.thanks for the advice
kind Regards,
George.“If You never never ask, you’ll never never know”
lucifer_au,
so hmm that means non family members would benefit from a discretionary trust then? i’m thinking about things like u know same gender couple who are not recognized by law to have same status.. things like that ? or just partners who are not necessarily family members, discretionary trust would be for them then? or would they be better off with unit trust?
Kev
There’s no Such thing as No Can’t Do!!!!!
Hi,
I read that a ‘family trust’ is a specific type of discretionary trust, though the terms are often used interchangeably. With the family trust there is some kind of irrevocable election to the ATO involved to do with the distribution of income – (?)franked dividends. Don’t know any details!
Motivstorm,
unit trusts seem to be recommended for parties not married, e.g brothers, friends, non-married couples etc. Lots of horror stories on forums about breaking of partnerships.
TerryTerence McMahon
HomeWin
Finance
You must be logged in to reply to this topic. If you don't have an account, you can register here.