All Topics / Help Needed! / Setting up a trust

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  • Profile photo of matty4810matty4810
    Participant
    @matty4810
    Join Date: 2019
    Post Count: 0

    Can someone please inform me of who should I contact to set up and transfer a current property in my name to trust.

    Profile photo of daviddavid
    Participant
    @b0na5
    Join Date: 2019
    Post Count: 0

    Hi Matt,

    I would start by chatting to a solicitor. Just be mindful that when transferring property into a trust you will need to pay stamp duty and CGT.

    Ian Bridgeman
    Participant
    @ian-bridgeman
    Join Date: 2019
    Post Count: 0

    Start with your Accountant.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Well trusts are legal devices and only lawyers should advise on them. But transferring property to a trustee or declaring a trust over property will be a CGT event so perhaps a tax agent would be best for the first point of call as if the CGT is large you might not want to proceed.

     

    Ones you think it is worth considering them  you need to seek legal advice on

    a) the legal consequences, and then

    b) the terms of the trust, structuring the trustee, how to fund the trust etc.

     

    Actually first point of call might be a broker as not having the ability for the trustee to finance it may mean there is no point.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of matty4810matty4810
    Participant
    @matty4810
    Join Date: 2019
    Post Count: 0

    Thank you, everyone, for the advice, Much appreciated.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Don’t forget that a trust is not a legal entity, so you would have to transfer it to the trustee of the trust.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

Viewing 6 posts - 1 through 6 (of 6 total)

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