All Topics / Legal & Accounting / Pros and cons – property in Trusts account

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  • Profile photo of tomtkbtomtkb
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    @tomtkb
    Join Date: 2005
    Post Count: 44
    April 4, 2006 - 4:00 pm

    Hi
    I would to tap you brain and experience regarding Trusts account. I have read and heard a lot about using trusts to protect one asset. There are also offshore trusts being used.

    There are also tax benefits?

    Anyone here using any trusts acount in holding on to your asset? If yes, I would like to know more about it?

    Regards
    Tom

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213
    April 5, 2006 - 11:34 am

    Many people use trusts. There are plenty of reasons, positive being:
    – Asset protection
    – Estate Planning
    – Tax savings

    I cannot think of many disadvantages, but one is property in a trust does not get any land tax threshold (so you may pay a bit more land tax).

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of tomtkbtomtkb
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    @tomtkb
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    Post Count: 44
    April 5, 2006 - 1:16 pm

    Thanks Terry.
    I have been doing some reading in this forum and discovered lots of information. It is great.
    Understand that in Australia there are 8 types of trust, can anyone let me know where I get some information on this?

    Thanks

    Regards
    Tom

    Profile photo of TerrywTerryw
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    @terryw
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    April 5, 2006 - 1:44 pm

    There are some great resources out there.
    check out
    http://www.lawcentral.com.au
    http://www.chrisbatten.com.au
    for starters.

    Then there are the books, Dale gatherum goss’ is “trust magic”, very easy to read and understand. There are a few new ones on the market too.

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    April 5, 2006 - 2:06 pm

    http://www.truststructuresguide.com.au/

    is another book – lists 13 different types of trusts.

    Terryw
    Discover Home Loans
    Parramatta
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of tomtkbtomtkb
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    @tomtkb
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    April 5, 2006 - 4:33 pm

    Thanks Terry for sites.

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