My daughter (14) has been a beneficiary of a family trust since prior to 2001. According to Family Trust financial statements/ trust tax returns my daughter received a profit distribution in 2001, 2002 and 2003 (under share of income – none primay production). My daughter however has not seen a cent of the profit distributed to her according to the Trust tax returns. Can anyone advise how I might start to retrieve this financial entitlement on my daughter's behalf? I'm unsure if the Family Trust is still active. I do have the accountants contact details from 2002.
With thanks
FlangeHi Flange
Whose trust is it? The profit distribution is a "paper distribution" of the profits made by the trust. The actual money rarely gets physically distributed to the beneficiary – of course they are actually legally entitled to the money if the trust actually exists now and if there is money to pay it out. First thing is find out who the trustees were and hunt down what has happened since that time. Seek legal advice – the trustees would be liable for the amount owed to your daughter.
Hope this helps.
Sounds like your daughter may have a claim on the trustee for unpaid monies. Chase the trustee for it.
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
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