Hi
I have been trying to work out how best to set us up for our trust structure, working from information gained here, & i may have stuffed it up & confused my accountant. I would appreciate any help from those in the know as to how best to set this up.
Our situation is as follows…- Bec works f/t good job & wage – staying on for a while yet with the possibility of reducing to part time in a couple of years
- Troy runs business, soon to be sold, to work f/t on property
- property will not be a once off, even if limited success early, we are commited to it long term
- PPOR with $300k+ equity
- other shares & assets we are willing to sell if req
- just bought our 1st IP with ‘and or nominee’ on contract & settling 13/3
- anticipate buy & sell more IPs in near future. at this stage we are prefering to buy, reno & sell, although this may change in future.
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we are looking for our best structure for financial & asset protection purposes & have no concern as to having equal assets or anything similar set up incase of future split, so our questions thus far on structure are….
What type of trust set up? Corp or family or other?
Who should be the owners/directors of the company above the trust? sole/co directors? beneficiaries?
Do we place current PPOR into trust? (currently in both names)
If not, do we transfer PPOR into lower income paying spouse name?
How do we best set up for Margin Scheme & how do we commence this?
anything else i have overlooked?
My accountant is happy to set this up in any form that I request (he is not one of those that i have read about in some places here that will only do it his way) but how I have been explaining it to him is different to how he suggests we should do it. I think I have confused myself & him
I would greatly appreciate any help here from those with experience either professions or those who have had theirs set up by professionals (sorry, but those who ‘think’ they might know please refrain from confusing me any further)
thank you
Troy
