Books on Asset protection

Hi Everyone,

Could you please suggest me some books on asset protection, you guys would have read or aware of.

1. Asset protection
2. Trusts

Thank you in advance for your comments.
Hari.

 

There are 2 Australian books on asset protection - both written by unqualified people and full of inaccuracies so best to avoid. Heaps of American stuff out there, but largely irrelevant.
I have written over 100 tips on asset protection on this forum and there are some good articles on the net written by various Aussie lawyers.

There are a lot of trust books out there. Try any textbook for law students such as
Equity and Trusts in Australia 7th Edition
By: Gino Dal Pont

And this one is good, but not as 'legal' like:
Trust Structures Guide, 11th Edition
Trust Structures Guide, 11th Edition - The Tax Institute

 

Terry,

I have purchased books. I will read your tips as well.

Thank you for your help.

 

what books did you buy?

 

Equity and Trusts in Australia 7th Edition and Trust Structures Guide, 11th Edition

both of them.

I will read them, So, I will be able to understand the basics of trusts.

 

Wow that must have cost you a fortune?!

 

Terry, your suggestions were worth more than what I paid for books.

If I can finish reading them. I might understand trusts better.

 

A older one which can raise many concerns in the context of modern tax rulings is Trust Magic. Its specifically addresses many tax matters in an Australian property & investment context. care must be taken that it is outdated.(2011 Edn is last update). Written by a former tax adviser. Not a lawyer and the ATO have since attacked some of the matters referred to. That said it does contain some wisdom.

Out of print but in libraries: Trove in the National Library Canberra

 

I think best to avoid trust magic. Its full or errors.

 

They are charging
202 images at $52.00 per image.
Priority surcharge $115.00
$10,619.00

Its not in print anymore.

I will add this title to my list and try to find it on eBay.

 

Paul, has mentioned, its outdated. Thought to buy it for fun.

I got a few books already and reading them.

 

I do recall that it was in very easy to understand language compared to the law books, but just take a critical approach when reading it

 

The NLA will send 10% of the book !!
I was thinking drive to a library. Self copying is cheaper and nobody will monitor the 10% rule

As terry agrees its got some dubious aged material but it does cover some basics which then likely need advice top reign you back on.

 

This topic was discussed ad nauseam a few years back, and most of what was posted was wrong.

Real asset protection is tedious and very expensive.

Book like trust magic are ok for understanding basic principles or trusts.
I learned much more from a book called Bold Riders than any other book.

 

Why is it expensive.

 

As a general rule the entity that holds the assets is:
Not in your name
Has no debt
Has not received funds from you (or long ago)
Has no loans
All transaction are at arms length (until needed)

Try working a solution based on the above.
The other option is confusion and obfuscation by quantity.

 

how would that work in theory?

My cousin sets up a trust with his money, the trustee buys shares - how would I benefit from it? What if the cousin dies or gets a family law property settlement?

 

Complexity. Time involved, drafting and re-edits. Those who possess the knowledge and experience have high hourly charge rates.
If it were easy every lawyer would do it.
Many dont seek to do this work as its very tedious work. And easily prone to negligence claims if knowledge, experience and time arent committed to each situation.

Replace "lawyer" with many occupations and same rule applies.

 

I'd add that those who have the knowledge and experience are not advertising.
Their clients are wealthy enough and advertising such strategies never brings anything good to them or their clients.