All Topics / Legal & Accounting / How much for a Trust structure

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  • Profile photo of Sammi13Sammi13
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    @sammi13
    Join Date: 2005
    Post Count: 3
    January 7, 2008 - 11:12 am

    I'm ringing some accountants in the next few days regarding setting up a Trust Structure for property investing (not sure on exact structure, planning to leave that to the experts!)

    What is a reasonable fee for this?  One I spoke to today was $3k for the initial set up ie Trust, Company, whatever else.  Then $1.5k for any additional Trusts later on.  

    I don't mind paying a bit more to get a really good accountant knowledgeable in Property Investing but is this a bit expensive or not? 

    Thanks

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
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    January 7, 2008 - 12:35 pm

    Google trusts – you should find a diy for under $500 (once you know what you require)

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
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    January 7, 2008 - 12:53 pm

    Wow they were not short of making money out of you.

    We charge around $595 for a standard trust and same again if there is a Corporate Trustee.

    Richard Taylor | Australia's leading private lender

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
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    January 8, 2008 - 12:04 am
    Scott No Mates wrote:
    Google trusts – you should find a diy for under $500 (once you know what you require)

    Found the link: http://www.patricia.com.au/page/unit_trusts/

    Profile photo of LinarLinar
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    @linar
    Join Date: 2004
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    January 8, 2008 - 1:12 pm

    Hi Sammi

    At the risk of offending Scott No Mates (although no offence intented) DON'T set up a trust yourself.  It is too complicated a document with too many potential ramifications to risk getting it wrong.  I had my trusts set up when I was a practising lawyer and I still got someone else to set it up.

    I paid about $1000 and then about $1000 per year for tax returns.

    Cheers

    K

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
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    January 8, 2008 - 10:49 pm

    I can't vouch for the legal stationers nor for their adequacy Linar. No offence taken.

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    January 10, 2008 - 1:05 pm

    i would do a lot of research online before going to see a professional to set the trust up. http://www.lawcentral.com.au and investorone.com.au are 2 good places to start. it is good to have a bit of an idea before going in and a good idea to get it set up by a professional rather than yourself.

    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 frosty1frosty1
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    @frosty1
    Join Date: 2007
    Post Count: 61
    January 11, 2008 - 12:25 pm

    hi sammi 13,

    may i ask why you want a trust?

    I am just curious as to their advantages to justify having one.
    thanks,
    frosty1

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