What is a family trust and how do they work? What are the benefits of a family trust? Who needs a family trust? Jenny, A trust may not be the most beneficial way to own properties.
You certainly can not avoid capital gains with any trust unless you use a charitable trust which involves giving your property away. Some trusts may bring with them higher. I would set up a family trust so that you all have equal shares to any monies. This trust has a single representative(Administrator) but all decisions would be based on all parties knowledge and confirmation of said knowledge. Is this a trust set up for a family that was in distress or are you looking out for your own best interest?
Adding some detail to the question would be helpful here. If you want to donate to a. Just as with bank accounts, you want to title your property to NAME OF TRUSTEE, as Trustee of the NAME OF YOUR TRUST”. Hi Tezz – It’s important to understand that a family trust isn’t just one method.
It’s best to sit down with a trust attorney and let him or her know what it is you want to do, and let them tell you what kind of trust to set up. Determine the trustee (s) 2. Draft a discretionary trust deed 4. Settle the family trust 5. Apply for ABN and TFN 8. Open a separate bank account 9. See full list on lawpath. (more…)