At the moment i have a few houses under my belt. I wish to cover my self in the possibilities of loosing my investments for what ever reason ( i am single at the moment, but i know mates who have been living with girlfriends and are classified as defacto and have lost everything.)I have been told that i should start putting any further propertys into a trust to protect my interests. If any one has used trusts before and could help me with the does and donts with trusts it would be much appreciated.Also who is the best people to speek to about setting one up.
Hi pnut111,
You could do far worse than seeing Dale Gatherum-Goss. I’m not sure where you live but he works in Kilsyth, Victoria. Best of luck!
Kind regards,
Gatsby.“Sometimes the hardest thing to do in life is often the best thing to do.”
http://www.gatherumgoss.com look for Dale’s book on Trusts, called trust Magic.
Terryw
Discover Home Loans
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 guys for your help , I have put an order in for trust magic
Seek advice from someone who specialises in this area. Most accountants will tell you they know how to set up trusts (and they do) but most don’t really know the intricacies and could cost you more than they save you. The biggest issue most accountants forget when advising on Trusts is land tax – which is self assessment.
You also can’t get everything you need from a book – although it’s a great place to start. You will need to seek advice from an expert. You will also need to know your exit strategy with each property before you go in i.e. are you going to hold, sell, etc.
I can give you the names of a couple if you need them.
Good luck
All the best
Megan
Even though I’m sure trusts are a good idea for asset protection, is anything safe from a defacto or wife situation? Not even your super.
Marry up maybe.
Family law courts can get around trusts and companies.
Terryw
Discover Home Loans
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
The State Revenue Office in Victoria has raised the possibility that all Victorian real estate over $20,000 held in a trust structure will be subject to land tax.
Be aware & beware.
Link Here
F.[cowboy2]
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