Hey sorry if there have already been posts about this, but i am seeking advice/ideas etc surrounding a Family Trust Fund?
I have a large family, and have had friends state that we should form a family trust to buy property. Is there positives in this? is it possible? what would the initial steps be?
Sorry i am really new to this, i previously thought that in order to buy a house u have to save at least 10% of the price before you could even think about buying one. I am now aware that there are other, better ways of acquiring property.
research trusts and talk to accountants are the first steps.
benefits are being able to allocate profits to minimise tax, and a bit of added security.
downfalls are losses cant be moved out from the trust and some lenders dont do trusts, (but plenty do)
there are others but really depends on your situation. is this for investment or to live in?
Trusts are extremely complex, so the first thing to do would be to learn the basics to try to understand them a little bit before making a decision.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
kiaora,
search for threads on this forum about trusts, you might gain sufficient knowledge to lessen the time and money you spend with a professional because you grasp the basics
Ben
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