There are a number of reasons why you might consider using a trust to hold your property in or to purchase property in. A trust can be useful for asset protection, also for taxation minimization, and also really useful for estate planning. We do a lot of farms up this way and we do use trusts, especially to put the property into, just to create that continuation and succession plans for the farm.
If you’re wanting to set up a trust for the first time, there are a number of people who will need to be involved. I would highly advise that this is something that suits your circumstances. Definitely speak to your accountant and a lawyer to help set up the trust. That’s something we can do for you in terms of doing the conveyancing and helping you by and sell.
We have a sister company, TBA Law, that specializes in estate planning, wills, and trusts. We can certainly help you set up those documents for the purchase of your new property. Please make sure you speak with your accountant and a lawyer because this process is very important and will affect the way you receive the income from your rental properties. We also use trusts to help build wealth.
There are a lot of benefits with stamp duty, your taxation. There are lots of pros and cons. Probably more pros than cons, but there are also some issues with purchasing in trusts as well. It might be a good idea to speak with someone who understands all of the pitfalls and benefits when you’re purchasing in trusts so that you can make sure you do talk to someone who does have experience.
If you have a trust and need assistance buying or selling property, get in touch with our team at settle@easymove.net.au or call 1300 459 694 so we can assist you.
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