Hi all,
I'm about to start my own business and am looking for some answer in transfering my house into a family trust.
The business, I condsider a "high risk" in terms of possible litigation, so asset protection is what i'm after, I know i'll loose the CGT and land tax excemptions but this is a small loss.
Can someone please tell me the best avenue to go down in getting my house into the trust.
Currently I have a loan with a "big 4" in joint names with my wife and there is still a considerable amount owing, so i'm assuming i'm going to need to refinance through the trust or obtain a loan through the trust in order to pay this out.Is there a simple way to "transfer" or will i need to "sell" the house to the trust?
Thanks in advance.
RowYou will need to convey it to the trustee. Transfer documents will be needed etc. You will be up for legals on the sale/purchase but this should be less than a normal transfer as all the checks won't be needed.
You will also need to discharge the mortgage and pay any exit fees and then to reapply for the loan in the trustees name.
I would suggest you talk to a good lawyer as there are many st rategies whereby you can keep the house as is and still obtain asset protection. All this without losing the CGT exemption and without stamp duty.
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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