Long term strategy to transfer IPs to children?

Discussion in 'Legal Issues' started by mrdobalina, 26th Jan, 2016.

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  1. jaybean

    jaybean Well-Known Member

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    I just wonder how much they will really absorb, you know, since they've already "made it" (have an unencumbered property to their name).
     
    jaybean, 28th Jan, 2016
    #21
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    @EN710 - yes you can set up a series of TTs one for each kid but it can get messy if kids have joint ownership of % of each property but not individual ownership of any complete asset.
     
    Scott No Mates, 28th Jan, 2016
    #22
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  3. mrdobalina

    mrdobalina Well-Known Member

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    The plan is to set it up now, but not to tell them it is for them until the time comes.
     
    mrdobalina, 28th Jan, 2016
    #23
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  4. EN710

    EN710 Well-Known Member

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    Don't tell them :rolleyes:
     
    EN710, 28th Jan, 2016
    #24
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  5. Terry_w

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

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    Yes that is possible. I once did a will for a client which contained 18 trusts.
     
    Terry_w, 28th Jan, 2016
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Was their nickname "Rabbit"?
     
    Scott No Mates, 28th Jan, 2016
    #26
  7. Terry_w

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

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    Not all the client's children, but nieces and nephews
     
    Terry_w, 28th Jan, 2016
    #27
  8. Terry_w

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

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    Someone has to die for a testamentary trust to be established. There are a few strategies where you can increase the size of the trust, but any assets transferred into a testamentary trust after it is set up won't get the extra tax benefits (children receiving adult tax rates on testamentary trust income).
     
    Terry_w, 28th Jan, 2016
    #28
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