confused......what are the tax benefits of trust (for passing down to 1 child)

Discussion in 'Wills & Estate Planning' started by BalloonTree, 19th May, 2021.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You could set up trusts with each kid as a primary or even sole beneficiary and you could control the trust while alive. Upon your death or legal incapacity, you could pass control to someone you trust or a pro with control passing upon your death to the primary beneficiaries.

    Depending on the circumstances it might be better to avoid a trust while alive and set one up in your will for each child.

    Seek legal advice - from a lawyer.
     
    Terry_w, 20th May, 2021
    #21
  2. BalloonTree

    BalloonTree Well-Known Member

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    I was thinking of asset protection, that's why I'm thinking about putting in a trust now.

    If I control the trust while I'm alive, it could save some cost.
     
    BalloonTree, 20th May, 2021
    #22
  3. Trainee

    Trainee Well-Known Member

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    Do you see the benefit of your grandchildren taxed as adults?

    asset protection for who? Against what?
     
    Last edited: 20th May, 2021
    Trainee, 20th May, 2021
    #23
  4. BalloonTree

    BalloonTree Well-Known Member

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    Don't understand?
     
    BalloonTree, 20th May, 2021
    #24
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    A solicitors opinion on asset protection is usually very different to that of their clients
     
    Paul@PAS, 20th May, 2021
    #25
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