Hi
If Fred Nerks' father leaves a property to Fred, and the will says "I leave my house to my son Fred Nerks", can the property be accepted into the "Nerks Family Trust" without penalty such as CGT, Stamp duty etc?
Thanking respondents in anticipation
Graeme
I think a testamentary trust can be setup after death. So, it may be possible – see http://www.taxlawyer.com.au
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
No. If the will says it goes to Fred and it is transferred to Fred's Family Trust there will be stamp duty and potentially CGT will be payable depending on the status of the property for the deceased.
A testamentary trust is set up by the deceased in the will, but the will doesn't come into effect until death so the testamentary trust doesn't start until then.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
