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  • Profile photo of onlykarmaonlykarma
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    @onlykarma
    Join Date: 2003
    Post Count: 1
    May 31, 2003 - 5:20 am

    Hi,

    I am about to embark on the journey of property investment and am considering setting up a family trust first and a business name.
    Your comments regarding the usefulness of family trusts, how it works in practice with property investing, how to go about it and approximate costs would be appreciated.
    thankyou.
    Anthony

    Profile photo of onlykarmaonlykarma
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    @onlykarma
    Join Date: 2003
    Post Count: 1
    June 3, 2003 - 11:46 am

    Thanks Michael for the reply,

    I had ordered the Renton book the other day and am eargerly awaiting it. Am beginning to see the direction I may go. A discretionary family trust with or without a corporate trustee. Any thoughts on the pros and cons of linking a business entity to the trust.
    Anthony

    Profile photo of ADAD
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    @ad
    Join Date: 2002
    Post Count: 636
    June 3, 2003 - 12:46 pm

    Hey Anthony.

    It is also worth getting Dale Gatehrum-Goss book on trusts.
    Check out his website http://www.gatherumgoss.com/shopping.htm

    Hope this helps.

    Enjoy
    AD [:0)]
    (Andrew)

    “”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
    Albert Einstein

    Profile photo of whjwhj
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    @whj
    Join Date: 2003
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    June 3, 2003 - 5:35 pm

    Hi Anthony

    Of you want some real general information in an easy to read book NE Renton has written a couple of books on trust.

    I have read “Family Trusts”, which did have some useful information.

    WHJ

    Profile photo of RudiRudi
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    @rudi
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    June 3, 2003 - 10:31 pm

    A fantastic resource which explains all the various structures in a property investing context is Steve McKnight’s “WEALTH GUARDIAN”. It consists of an audio CD and a comprehensive workbook.

    If you attended last weekend’s Wealth Masters Seminar you would have received a copy, otherwise, I believe it will be available for sale shortly via this website.

    I highly recommend it!

    Rudi

    Profile photo of DaveCDaveC
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    @davec
    Join Date: 2003
    Post Count: 79
    June 4, 2003 - 9:12 am

    Hi Anthony

    Just wanted to emphasize the value of Dale Gatherum-Goss’s book if you can get it.

    It’s worth it’s weight in gold!!

    Could I suggest Steve’s Wealth Guardian kit is well worth a read and a listen to as well

    Take care
    Dave

    Profile photo of HurricaneHurricane
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    @hurricane
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    June 5, 2003 - 9:24 am

    Anthony

    Preparing this sort of a structure enables you to control your assets without necessarily owning them thus giving you optimal asset protection , and also assits you in paying the lowest amount of tax[}:)] legally possible.

    Hope this helps

    Ray

    Profile photo of RachelRachel
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    @rachel
    Join Date: 2002
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    June 5, 2003 - 10:00 am

    Hi Onlykarma
    That is great that you are about to embark on Property investing the best thing to do is work out what you want out of property investing and then go and talk to an accountant so he can advice you on what would be best for your situation. Dont let lack of stucture hold you back though because you will learn as you go. I have just finished setting up my company trading as a trust fund and it ended up costing me around $1300 I live in Qld so prices may vary from state to state. Hope this is of some help
    Regards Rachel

    Dont just sit there and say YES BUT. Just DO IT!

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