It doesn't matter who the trustee is, the assets of the trust won't become part of the estate – generally. (In NSW there is the notional estate orders where trust assets could be taken to be part of the estate. There is also the possibility that the laws in ACT will change in the future, and there is also the possibility that the claim could be…[Read more]

If the trustee is the company he would be director. Or he himself could be the trustee of the trust.

nope. Unlikely.The trustee controls the trust and determines the distribution. It is likely your Grandfather will have a company as trustee with him controlling the company as director.

The grandfather's trust assets are unlikely to fall into the hands of your father. The control of the trust may, but not the assets themselves. The solicitor may not have the deed, or a copy, unless he was the one that created it. Not sure if he would let you see it though you may have a right to see it if you are a beneficiary – but you would…[Read more]

Stephenyou will need an option contract and some legal advise would be handy.

Assets of a trust don't form part of a person's estate. So they cannot form part of the will. They will need to pass control of the trust on by having back up appointors to the trust and also making sure the shares of the trustee (if a company) are passed on via their will. But it is the appointor that controls the trust by hiring and firing the…[Read more]

an option is an agreement which gives you the right to buy something for an amount sometime in the future. It is a right and not an obligation.So if your dad's property is worth $1mil and he sells you an option to purchase it for $1,200,000 at any time within the next 10 years then you can buy it for this price no matter what the value is. eg…[Read more]

Sounds like large sums of money are involved. You will surely need professional advice.Your grandfather may be able to change his will (if he still has capacity etc) to incorporate a testamentary trust so that his assets don't fall into your father's hands which will make it harder for the new wife to make a claim on these. It will also be great…[Read more]

Wills should be updated regularly. e.g change in assets – buying, selling, mortgages etc and change in family – births, deaths, marriages etc.provision for the wife refers to allowing for her "proper maintenance, education or advancement in life"

Do you have non deductible debt?If selling consider the CGT consequences – of loss consequences.

Thats probably the best way. Interest on money borrowed to reno an investment property should be deductible. Don't use your cash to reno the investment as this will mean you have less cash for your PPOR and will result in higher non deductible interest and therefore higher tax.

I don't know much about ACT law, but think you may find there are no notional estate provisions there. However, if he has property in NSW it is still possible for it to be challenged in NSW.I think the best strategy may be to get your dad to be open with the wife and everyone else in the family. Often problems arise because beneficiaries feel left…[Read more]

I recently helped a friend do this. $80k down to less than $40k.

Ring up the bank and make them an offer to pay out the card in full, but only at 40% of the debt outstanding. They will take it probably if you give them a story about how poor you are and how close to going bankrupt you are. it wont even hurt your credit report.

I am doing a masters degree in wills and estates now and am interested in this area.firstly what state are you in?Secondly, your potential inheritance has dropped dramatically because of your dad marrying!Superannuation does not form part of your estate on death. Super is a trust and is not the asset of the individual until they receive it from…[Read more]

I am still unsure of JCCP's point regarding the banks only taking x% of rental income into account?As far as its relation to trusts, I am confused. If a person was getting income from a trust a lender may take that income into account as if it is ordinary wage income. They may also take it income account as rental income. After it has been…[Read more]

JPCCM wrote:
Are you a trustee of a company discretionary trust?

Are you asking if I am a director of a company which is the trustee of a discretionary trust?Yes.

JPCCM wrote:
Yeah exactly, what I meant though is, I know st. George they have only 75% value of any income from investment properties. Call up your bank and say to them do they calculate any positive geared income as a full. Most banks don't, means if your making $1000 a week from your investment property from the same bank, the bank will only…[Read more]

I think JPCCP must have been making just a general comment about the trust owning the family home and the loans.I think the family home should generally be held in personal names, in the name of the spouse least at risk. This is because if held in a trust land tax will apply and so will CGT. Both could be avoided otherwise.If you already have a…[Read more]

Sorry, I don't follow.