- Originally posted by stran:
Hi,
I’d like some recommendation on good books to read to get an understanding of the different trusts, how they can be applied to investments especially in Australia.
Tanks
Tanks
Try http://www.gatherumgoss.com and look for the book, Trust magic, costs about $99. but is worth it.
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
Trusts are good from asset protection point of view. Therefore many people have gone down that path including myself. But now Victorian State government has dexcided to close the loophole of minimising Land Tax by keeping properties in diffrent Trust names. Now they plan to tax trusts at much higher rate compared to individuals or companies. Based upon this, I have decided to keep my latest purchased property in individual name rather than a Trust.
With regards to asset protection, I hope Land lord insurance should cover you up. Please correct me, if I am wrong.
Sam Kumar
Hi,
I just attended a Trust/Asset protection workshop last night run by a collegue of mine and you will be supprised at the types of trusts out there and the advantages they have.
Not one trust fits all either so be sure to see a really good accountant to structure it all for you. I maybe able to refer you to those guys for assistance..
Defenitly not something you should do on your own.
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auSorry Sam
Assett protection is only covered by insurance if the insurance will cover it.
And they have a nack of getting out if (a) they can or (b) the claim is large enough for there team to say they can,
In which case you have to win the first case and then prove the insurance should have covered it.
I have only ever won one case against them.
I had to prove our position and then prove that the claim should be covered.
we won
So you may think but think again because if you ever go to court.
The court works on a sliding scale of costs and if they knock down sliding scale a cost you lose actual costs and sliding cost are not even close.
This case actuals $22,000.00 slide $10,000.00.
we won both cases and lost $12,000.00 work that one out.
Time for case to run 4 years.here to help
Hi All
Couldn’t agree more with everything that’s been said.
Just another point – it’s not only tenants that might sue you. Car accidents, business dealings, employers, etc – it’s a minefield out that and, if that’s not all scary enough, NSW is now the second most litigous state in the world!!!!
Yeah, thanks to all the ambulance chaser lawyers and other of their ilk advertising to sue just about anyone for anything, you can’t have too much protection.
My thoughts – one asset = one trust with a coy trustee. And most importantly, get advice BEFORE you do anything as it could save you a fortune.
Megan
http://www.propertyhub.net
Your Investing and Developing Information Hub.
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