I’ve left things well late. I am 60 years old and have all assets in my name, 3 investment properties and my place of residence.
The problem of course is now i’m planning for the next stage of my life which is to gift or transfer these assets to my children or some other structure on their behalf (trust?), however from what i’ve been advised the tax and fee implications are astronomical and prohibitive.
Surely there are other options available to transfer ownership from myself to another party or gift them without having to part way with hundreds of thousands of dollars? I haven’t been able to find anyone that has given me anything to think about other than the stock standard answers.
any help or discussion appreciated.
Jeff
You need some prof advice. Firstly you need to protect the assets now.
There is not much you can do without incurring stamp duty at CGT now. You should make sure you have a good will drawn up, and make sure you ask about and include a testamentary trust within the will. There are huge tax advantages and asset protection advantages by doing this.
But make sure you get good advice.
My mate just died and his will which was prepared by an experienced lawyer is very badly drafted.
You need advice because it could be safer to transfer them now to a trust rather than through a will – eg Your situation may be that a family member could potentially challenge the will under family provision legislation. Or it may be more effective to transfer one or more into a SMSF now.
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
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