All Topics / Legal & Accounting / Trust Set Up – Please shed some lights – Dominique Grubisa/ Dymphna Boholt

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  • Profile photo of lily.collectionlily.collection
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    @lily-collection
    Join Date: 2020
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    Hi,

    May I know if anyone has their trust set up via Dominique Grubisa and/ or Dymphna Boholt?

    I’m not really familiar in this area but it seems that Dominique and Dymphna has trusts set up differently based on what I picked up from their webinars?

    Anyone could shed some lights on this would be greatly appreciated, thank you!

    Lily

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    my advice is for you to seek specific legal advice when setting up a trust – from a solicitor with a practicing certificate.

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

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of lily.collectionlily.collection
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    @lily-collection
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    Thanks Terry, will check out your site!

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    my website is terrible and they are getting all updated at the moment.

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

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of dewolfdewolf
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    @dewolf
    Join Date: 2019
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    Hi Lily,

    I found that not a lot of lawyers are highly knowledgeable in this or experienced. I have gone with Dominique’s, but yet to finalise the trust. I’ll post my experiences for you when I’ve finished.

    Regards

    Dolf

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213

    Yes I agree. But I suggest you get the deed reviewed by an independent lawyer before finalizing. Also make sure you are contracting with an incorporated legal practice so you are covered by the lawyers professional indemnity insurance. If you are supplied by a company that isn’t a law firm you won’t be covered.

     

    I have reviewed a few of these trusts, and associated ‘asset protection’ strategies.

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

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of lily.collectionlily.collection
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    @lily-collection
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    Hi Dolf,

    Thank you, that would be lovely and much appreciated! I heard even if trusts are set up, it doesn’t necessary guarantee a 100% safe guard as it can all tie back to how the trust was set up from the very beginning so might worth getting a second opinion on this.

     

    Hi Terry,

    Do you offer trust set up for asset protection? and may I know where can we search online for a list of “incorporated legal practice” and what constitutes a “incorporated legal practice”. Is there anyway we can check the license number of a practicing lawyer? And do Australian lawyers renew their license every year?

    Thank you,

    Lily

     

     

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    Its a mistake to think a ‘trust’ equates to asset protection.

    It comes down to several things such as

    a) terms of the trust deed

    b) structure of the trustee

    c) funding the trust

    d) documenting things

    e) transactions

     

    As an example I have seen many people that might set up a trust, usually with an accountant, who have never read the deed. They paid the deposit on the property and then make the loan repayment on the trust’s loan.

    If they went bankrupt it is easy to argue the trust does not exist, or the trustee holds the property on a resulting trust for them. So no asset protection at all.

    To check, if the solicitor is holds a NSW practicing certificate you can search here https://www.lawsociety.com.au/for-the-public/find-a-lawyer

    Search for the solicitor or the firm name.

    There are similar ones for other states.

    Lawyers must renew every year.

    Sometimes non-legal firms provide documents which have been drafted by a lawyer. Unless that firm itself holds professional indemnity insurance you would not be covered if things went wrong. You could not sue the lawyer either because you would only have a contract with the intermediary firm.

    My company is an incorporated legal practice and covered for legal advice. I specialise in estate planning, asset protection and structuring.

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

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of lily.collectionlily.collection
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    @lily-collection
    Join Date: 2020
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    Understood, thanks Terry!

    Lily

    Profile photo of Steve McKnightSteve McKnight
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    @stevemcknight
    Join Date: 2001
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    Good suggestions from Terry.

    Do your research on the parties mentioned. The truth is out there, if you go looking.

    And remember, the structure needs to suit the purpose, not the purpose for the structure. Often people spend a fortune building a fortress with nothing much to protect.

    Bye,

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of lily.collectionlily.collection
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    @lily-collection
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