I am up for a advise from you all as I am thinking of moving our PPOR to my wifes name.
Actually i am currently planning to buy a business and my accountant has advised to setup a structure which is to setup a company as a trustee to a unit trust and all the units of the unit trust are held by family trust. he is saying by putting a layer of unit trust I have a flexibility of having partners in the future(no plans so far). But here is the issue, our PPOR and loan is in my name and to protect our home i want to transfer it to my wife’s name but she is on maternity leave at the moment.
My accountant advised it can only happen if the loan is fully paid or she can get a new mortgage. I just want to know if this is true and if there is any other way that I can do it?
Can i include her name in current mortgage and transfer the property to her name?
BTW i am from melbourne and as far i have researched there will be no stamp duty involved in doing so, Pls correct me if i am wrong.
Thanks in advance for your help
To transfer title any mortgage will need to be discharged. You will need to get your wife to apply for finance.
You need legal advice on this, get it wrong and no asset protection even if it is in her name.
Thanks Terry.. i have spoken to bank and they said I can have loan under both of us and title can be under my wifes name… my accountant told that should be fine for protection purposes. Whats ykur suggestion on this??
So that is not correct then??
I clearly told you on 2 different forums that there will be little asset protection if you don’t get it right and that you need legal advice, from a lawyer.
Yes totally incorrect.
Thanks Terry, These things are so confusing and this is the first time I am dealing with them. Talk to different people and everyone says some thing different.
Could you please recommend and Lawyer in Melbourne whom i can consult, if in SE suburbs would be better.
- This reply was modified 9 years, 1 month ago by psaini09.
Thanks Terry i will contact them tomorrow.. will they be able to setup the trust structure as well?
what is your recommendation about the trust structure suggested by my accountant?
also could you please suggest someone who can check the lease documents for me and what are the approx charges for doing so?
Also want to know your opinion on if its good to setup the trust structure with my accountant(as i am already discussing this with them) and engage the lawyers you told me to transfer the property to my wifes name or it all should be done in one go.
Sorry for asking so many questions
Trusts are relationships in law, so they should only be set up by lawyers as this is legal advice. Tax agents can advise only on the tax aspects (a lawyer can too).RedwoodParticipant@redwoodJoin Date: 2013Post Count: 340
Hi, just give Terry a call – your advice does not to be from a person in Melbourne, Terry is a lawyer and specialises in this area, he may even dream about this sort of stuff.
Thanks Ivan nice idea, is it OK with you Terry?