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I've heard that Michael Hutchinson's structure was so complex and secret that his family was unable to get to most of his assets after his death. Probably because it was hidden, without leaving a paper trail with only a few knowing who was what and where.

Just wait for the movie version. It is a very interesting and funny book. I am reading part 2 now on how he got caught.

Y-man Why a trophy wife? The more trophy like they are the greater chance they will leave. Didn't you read the "Wolf of Wallstreet"?

Hi I think what you have written is essentially correct. Except trusts are not really separate legal entities, though they are treated as such for taxation. It is the trustee of the trust that is the legal entity and therefore the trustee that is sued. Usually they are indemnified by the...

Its not good to own in a company as you won't get the 50% CGT reduction. it would be better to use a trust, and maybe one trust for each property with one company as trustee - ie same trustee for each trust. This would be cheaper, and depending on which state you are in it may not cost much to...

Smitty that link probably refers to a case known as Richstar in 2006 Richstar Enterprises Pty Ltd v Carey (No.6) [2006] FCA 814). Subsequent legal cases have rejected or no followed Richstar: see Kawasaki (Australia) Pty Ltd v ARC Strang Pty Ltd [2008] FCA 461 (under a discretionary...

hi BF Most HDTs can be used as a DT. They only become a HDT if the units are issued. But I agree with what you say. Most lawyers and accounts don't understand the principles behind them and don't understand their practical applications either.

Its a great strategy for losing weight. Nothing beats worrying, and maybe running from creditors!

He had or has various trusts, some with corporate trustees and some with other family members as trustees. Having a company should only cost $212 extra per year for ASIC fees. They will need to lodge a nil tax return so no, or little extra accounting. $400 to set up now. But loans can be...

One of my clients has gone under - bankrupt because of business dealings and personal guarantees. But he still has a lot of property in 'his' discretionary trusts. Going bankrupt has still hurt him and was very stressful, with him losing a lot of weight, but he is not totally defeated.