Family Trust for IP

Discussion in 'Accounting & Tax' started by Mark Daynard, 13th Dec, 2020.

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  1. Mark Daynard

    Mark Daynard Member

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    Emailed you at Structuring Lawyers for quote on providing advice
     
    Mark Daynard, 13th Dec, 2020
    #21
  2. Terry_w

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

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    Did a lawyer set it up? It might be cheaper to set another one up through a lawyer if it was DIY
     
    Terry_w, 13th Dec, 2020
    #22
  3. Terry_w

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

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    I wasn't angling for a client and am unable to take on any new law matters at the moment.
     
    Terry_w, 13th Dec, 2020
    #23
  4. Mark Daynard

    Mark Daynard Member

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    Ok, thanks. Will look for a good solicitor in this area. I see though it is best for me to discuss the option of family trust v leaving in my name . I hadn't fully considered all aspects.
     
    Mark Daynard, 13th Dec, 2020
    #24
  5. Trainee

    Trainee Well-Known Member

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    Who set up the family trust for you? Was it a solicitor?
     
    Trainee, 13th Dec, 2020
    #25
  6. Paul@PAS

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

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    I will bet money it wasnt. Onlinedocs.com.ru
     
    Paul@PAS, 14th Dec, 2020
    #26
  7. Redwing

    Redwing Well-Known Member

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    This popped up in my "to watch"


     
    Redwing, 6th Jan, 2021
    #27
  8. Blueshoes99

    Blueshoes99 Well-Known Member

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    Why are you setting up a trust with an asset you are going to only hold for 10 years - where is the benefit in this trust scenario.

    if she has enough deposit for half of a IP then she has enough deposit to buy something cheaper on her own. You can buy something just under your name using the equity in your ppor. If you set up the trust incorrectly it will cost you a lot of money to set it up. Plus it costs money to run a trust.

    If you are adamant you want a trust then get legal advice and do it right.
     
    Blueshoes99, 6th Jan, 2021
    #28
    Terry_w likes this.
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