At Andrew B Thiele & Co we can assist you with structuring your business or investments through discretionary and family trusts.
We will work closely with your Accountant and other advisers to make sure you get the right product for your situation.
Some purposes for which Trusts can be used are:
- As a tax minimisation strategy
- As a means of providing shared income for family members
- To minimise the risk of creditors making a claim against your assets
- And to place valuable assets out of the direct control of individuals at risk of making poor decisions that may affect a number of stakeholders involved
One type of discretionary trust is a family trust. A trustee (frequently one of the family members) is elected to hold assets in their name for the benefit of a group of beneficiaries. Although one or more person can be elected as trustee, so to can a company. This is beneficial in terms of avoiding difficulty experienced in situations such as the death of a trustee, or in circumstances where a trustee is declared bankrupt.
We can assist you with:
- Drafting trusts
- Reviewing trusts to ensure they comply with financial and trust-related legal requirements
- Speaking with your accountant to make sure suitable arrangements FOR YOU are in place
- Advice for structuring your trust in ways to minimise the chance of claims being made under family law or debt recovery proceedings
BEWARE – they are not a magic bullet solution and do not necessarily work for everyone so care must be taken to consider YOUR situation. One size does not fit all and our personal attention to your situation will achieve the best result.