hi all
any body bought or used this trust as yet and what are the advantages in reality I’m trying to get my mind around it but if some one has purchased one and they can shead some light on it.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]are you talking about his patented property trust?
haven’t used it, but sounds interesting, I would also like to know more about it.
We buy properties in Adelaide. No Agent Fees.
[email protected]
phone 0412 437 582yes
spoken to a few of the people that I deal with and they have not heard of it.
wondering if there is anyone who has purchased ithere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]HI GR
There’s a seperate thread running on this at the moment, we’ve taken some guesses. Michael Yardney would be the best person to ask that I know of, other than the promoters of the PIT themselves..
A consult with them would shed the light
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculatorhi all
I have asked the office on the two phone numbers I have to check this trust there is another trust system not sure if any formites no of it called mci’s rome structure this is also a structure that was backed by some barristers that was supposed to have ato ruling in it favour the only trouble was that these are individual rulings so if you get or got into trouble they would have to get a ruling for you.
not sure if this is in that group.
I like different structures but I’m not getting the information as freely as I would think if this is so good for my business.
will keep trying,
mci rome is still running and I haven’t got involved.
maybe other people may have similar structures.
mci rome was a group of trusts under a unit trust and using overseas charity trusts, to hold, distribute and change directors in a limited company out of lichenstein(germany)( spelt wrong).
all looked good but not alot of control.
I would be interest in this trust but not to pay $300 to find out that its not for me.
from all accounts it was more a display of what this is good for rarther then what this is.
if interested I can up load at somersoft gps or investing gurus the 3 pdf powerpoints on mci rome it is a very interesting structure the trouble is I would not have the same interest as the ato would have.
or email me and I’ll send it to you my recommendation with all these structures is if your trust accountant either doesn’t like it ( in the case of mine0 or doesn’t understand it as with many you will need to explain it to the ato while the others are on there mobil from lichenstein( still spelt wrong).
I will keep an open mind until its is explain what it is not what it does.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Why not go for a simple family trust?
I skimmed the letter from Michael Yardney and all it basically said was that there were different trusts for different purposes. The majority of people on this site will be going for positively geared property therefore a simple family/discretionary trust would do the job.
I think it’s just a case of trying to patent something that they’ve done so that people think it is different.
Talk to any competent accountant and they will set you up with a quite valid family trust which will achieve the purpose of 99.9% of investors on this site.
Life is like a box of chocolates – you never know what you’re going to get!
Originally posted by Dobby:Why not go for a simple family trust?
I skimmed the letter from Michael Yardney and all it basically said was that there were different trusts for different purposes. The majority of people on this site will be going for positively geared property therefore a simple family/discretionary trust would do the job.
I think it’s just a case of trying to patent something that they’ve done so that people think it is different.
Talk to any competent accountant and they will set you up with a quite valid family trust which will achieve the purpose of 99.9% of investors on this site.
Life is like a box of chocolates – you never know what you’re going to get!
Dobby what you say makes sense, but could I please make a suggestion?
You must “begin with the end in mind”
If you are going to be a long term investor, what will your property portfoilio look like in 10 or 15 years time?
Your positive cashflow proeprty may not be that in a few years after you renovate it or add value or develop it. Your negative cash flow property may turn positive.
What suits you today may not be the type of investment you look for tommorrow.
You may divorce, you hopefully will have 10 properties.
Look at Steve McKninght. He started with positive cashflow and then changed his investment strategies a few times. Thats what makes him a good investor.
You need to set up structures today that have the flexibility to suit your future as well as your current needs.
Michael Yardney
METROPOLE PROPERTIES
Author of Australia’s leading property e-magazine.
Join over 10,000 readers each month.
FREE subscription http://www.metropole.com.auDobby
Which one do you want to use, A Family Trust or a Discretionary Trust?
If your accountant thinks that they are the same, get a new accountant!
I agree with Michael. Structures need to be flexible and cover as many options as possible, without being over complex.
CATA
Asset Protection Specialist
[email protected]Good points.
Does the Chan trust have the flexibility to handle both a negatively geared portfolio and a positively geared portfolio within the same structure?
Life is like a box of chocolates – you never know what you’re going to get!
I do not know much about this Property Investor Trust, but if you have one IP +ve $50/week, and one IP -ve $50/wk, then this trust would be netural.
It is common and not so difficult to overcome but everyone’s position is different.
CATA
Asset Protection Specialist
[email protected]Hello Cata
Whats the difference between a family Trust and a discretionary one?.-Thomas
“More Time To Snowboard”
The main difference is that a Family Trust can only distribute to family members. Sometimes called a Bloodline Trust.
A Discretionary Trust can list anyboby or any other entity as a benificiary eg. Company, another Trust ect.
There are some smaller differences but this is the main one, and it has the ability to save many dollars in tax.
CATA
Asset Protection Specialist
[email protected]Cool, you freaked me out for a sec. I purchased a discretionary trust, And named it my family trusts. So everything on the paperwork says family trust. Although this is just its name.
Kinda funny now when I think about it.
-Thomas
“More Time To Snowboard”
That happens alot Thomas.
CATA
Asset Protection Specialist
[email protected]If you go to Rick Ottons website I think you can listen to an Interview with Ed Chan where he talks about the property trust.
Thanks jenwren
Seems the PITs is for NSW and you can use an IT for Vic and presumably other states.
I found the start of the audio very funny Jenwren ;o) the rest I found pretty interesting. Seems Ed Chans group does about 50 -60 trusts a month of varying types and their main focus is property and relevant taxes, structures and seminars.
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi all,
I have just finished reading Ed’s & Tony’s book > “How to legally Reduce your tax.” which is quite informative on trusts / structure.
I came across this through this forum & M Yardney newsletter ( fantastic reading.)
The book is a great read and covers various trusts and structures geared specifically for property which most of here are into.
If you make contact with > http://www.chan-naylor.com.au/, the lovely & helpful receptionist will email you a listing & pricing too.
To me the company appears to be well structured, well experienced and competitivley driven.
I yet have not taken on the services at present but will in the not to distant future, the benefits are extreme.
Benefits such as ‘Assest protection’ & ‘Legally reducing your tax’ to ‘Accelerating growth’.
I believe their knowledge and structure has impressed myself personally more than others.
Hope this helps a little, again just my two bobs worth, but purchase the book, fantastic reading.
Cheers
Aussielad how would you compare it to Dale GatherumGoss’s books or Ed Burtons book, what others have they impressed you more so than?
I purchased the book and read it some time back, I enjoyed it but found it very “light” on facts..
You like the structure..I cant find where they describe the actual structure?
Trusts are a great tool, I just wish the authors would give more information on the PIT so people could decide whether it is worth pursuing for thier particular situation, I asked them some questions and they offered me a $250 consultation to discuss them??
I have no doubt the authors are smart guys though and the PIT is definetly ‘sounding’ interesting..
Some thoughts at Somersoft (another great Forum)
Ed Chan“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHello Redwing,
Unfortunately I am at work now
so carnt remember the other books I have read re: trusts.I have surfed a few web sites and info links etc from books and resources.
The structure I refer to is the company > trust structure, I know it is basic, from what I have read from his book and other resources, appears to be beneficial.
I guess they carnt explain the exact or specific structures in detail, because it is dependant on individual circumstances.
I havent read Dale’s book, is it worth the read ?
Cheers
To be honest Auzzielad I think Dale’s book “Trust Magic” is worth having in your library, as is his other book “Tax Battles”..
I also Enjoyed Ed Burtons “How to Bullet proof your Assets”, whilst I found Nick Rentons book on Trusts ‘very heavy reading’..but interesting none the less.
I have “How to legally Reduce your Tax” as well and find the whole subject interesting.
Chris Battens site looks good and may be worth signing up for a Month to get a wealth of information.
Strategic WealthManagement is another site with some information..
Do you (or anyone)know of any more interesting sites/books worth investigating?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
so carnt remember the other books I have read re: trusts.You must be logged in to reply to this topic. If you don't have an account, you can register here.
