At the last seminar that Steve ran in Melbourne, he mentioned that on his purchases where he uses a Trust, he at times has also had to give a personal guarantee for the loan..
If you give a personal guarantee, does that not really completely dilute your protection???
If someone knows the answer then I would be grateful for your advice.
Juls
JULES1
Email MeNo.
What is someone sues you for farting in an elevator, and you go bankrupt. Your trust assets will probably be safe.
If you decide to stop paying the trust loan, then the bank will come after it, and then the guarrantor if there is not enough. This is expected, and fair.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terryw. But why bother with Trusts & Companies if you go an give a personal guarantee. Sounds like a waste of time & money setting up a structure to protect your assets it you then leave yourself wide open personally.
Don’t understand this!!!!!
JulsJULES1
Email MeHi Jules
I think you still misunderstand. The guarrantee only relates to the loan, you can still be attached from other angles, and a trust helps protect you from these.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
