Hi Anna,
Can i suggest you go and see TerryW from here on the forums .He has been around a long time and wont take yr money willy nillly.
I have known him to turn people away rather than just take their money if they werent ready for his help.
He is fairly priced tooKind regards
Luke
http://www.hopepropertyinvesting.comLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi Luke,
Thanks for that info….I will look at what TerryW has to say.
Much appreciated.
I will also look at your website, cause what you do sounds interesting.
Best wishes,
Anna.Thanks for yr kindness Anna ,
Re Terryw -He is a registered lawyer ,accountant and mortgage broker so can help set up structures to suit you (if needed)and then guide you in setting up the best loans system for now but even more importanntly for ease of getting future purchases through and protected to suit your strategy.Kind regards
LukeLuke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Here is some information I got from DG on her Master Wealth Control. Would be interested to hear anyone’s (TerryW in particular) thoughts on this:
The purpose of the asset protection documentation is obviously to protect your assets from creditor’s claims. The protection comes from mortgaging your equity in ownership of your assets to a trust. Everything that you own or have an interest in is your equity. Ownership equals equity. Assets that you hold that are not subject to debt provide you with 100% equity. Assets that you hold carrying debt still give you equity on the basis that it is highly likely that the loan to value ratio is less than 100%. If you buy a house on an 80% loan, then you have a 20% equity in it.
There is no transfer or change of ownership involved in this, it involves you mortgaging your equity to a trust so that everything that you own is 100% under finance. Because your equity in your assets is mortgaged, or subject to a charge in favour of a lender (being your trust), then creditors cannot seize your assets to satisfy their claims. The debt claimed will not disappear, liability for payment will still remain, but it puts you in control of how to handle creditors rather than the creditors having unlimited choice on what to do with you to recover payment.<edited by Moderator to remove Copyrighted information>
-
This reply was modified 8 years, 2 months ago by
Benny. Reason: Remove copyrighted materials while establishing poster's authority to present it
Hi Gavin
This quote seems to be from material is copyright – do you have authority to post it?
This is standard asset protection stuff. The gift and borrow back strategy has been around a while and some lawyer even tried to patent in years ago – but failed.
But,
Creditors can still attack these schemes under both state law and commonwealth law. S37A of the Conveyancing Act NSW for example covers transfers designed to defeat creditors and a mortgage or lien is deemed to be a transfer for his section of the Act. Each state has similar, though differently worded, legislation. Bankruptcy Act also covers this.If you are not trustee of the trust or in control of the trustee there is asset protection risk here. Even if you are the appointor there is a risk the trustee could do something before you have the chance to sack them. It would greatly help if the trustees were not beneficiaries and could not indirectly benefit themselves somehow.
You also have to consider what would happen on your death. If you have no equity there is nothing that can pass via your will. Whoever gets control of the trust(s) will control your assets and this is serious stuff and needs careful planning. It could be a disaster if you have more than one child for example.
Overall it sounds like a good strategy. It can’t be fail proof, especially in the early years, but it can be very strong if everything is done correctly and the strategies are followed.
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
Hi Kate,
Would you be willing to sell me copies of Dominique Grubisa’s information? I’m after the distressed mortgage repossession stuff.
My email is [email protected]
thanks
Shirley
Hi Terry,
Can I ask will the Gift and Borrow back strategy trigger stamp duty ( say gift the equity in the house to the trust and borrow it back)? Or without stamp duty occurring, will the Deed of gift be legally valid?
Thank you.Elysia
Hi Terry,
Can I ask will the Gift and Borrow back strategy trigger stamp duty ( say gift the equity in the house to the trust and borrow it back)? Or without stamp duty occurring, will the Deed of gift be legally valid?
Thank you.
ElysiaHow do you gift equity to a trust?
A gift has to be delivered to be legally valid. If you are transferring cash it is not a dutiable transaction.
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
Thank you Terry, then how the gift and borrow back strategy you mentioned in your Legal Tip 115 work? If we cannot gift equity, then we gift what? Looking forward to your reply.
You should probably ask in that thread.
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
Hi,
Is this chat still active? I recently heard about Dominique and her property development course. Very interested.
Has anyone done it? any advise pls.
Thanks. Anne-
This reply was modified 8 years, 2 months ago by
You must be logged in to reply to this topic. If you don't have an account, you can register here.
