Discretionary trust set up recommendations

Hi,

I am looking for lawyer/accountant recommendation's to assist in giving general advice and setting up a discretionary for investment purposes. After reading pages upon pages online I require professional guidance in taking the next step, ideally someone who is able to educate along the way!

Thanks

 

Setting up a trust is a legal service. See my recent tip in the legal section here a few days ago

 

My understanding (which may help reconcile the two posts above that could be interpreted as being inconsistent) is one often needs advice from both a tax accountant/adviser for tax benefits/implications with the trust, and a lawyer who provides the legal documents associated with the trust such as deeds and agreements but often also asset protection etc related to the trust.

On-going, I believe there are tax lodgments to make related to the trust.

For me, I'd suggest speaking to a tax accountant first as most people have an accountant already to support their tax returns. (Note: I think it has to be a tax accountant rather than a tax agent.) I've found they often typically have lawyers they recommend but should be happy to work with any lawyer of your choosing.

 

I am not sure accounting advice is needed, but only tax agents lodge tax returns with both tax agents and solicitors being able to give tax advice. Not all solicitors do advise on tax though, the majority won't or don't.

Accounting is a different field to tax, but some accountants can give tax advice.

 

I would estimate 2/3 of requests for a trust dont stand up for a range of reasons. Basic tax advice on some key issues and then referral for legal advice where applicable is commonly cheaper than starting with a lawyer. Its like engaging a HIA master builder to fit a loose screw on a hinge. The dude at Bunnings can sort it