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I agree, sort of. If you have your assets out of reach then it is unlikely the proceedings will go very far in the beginning because of the possibility the other party will incurr high costs and get nothing in return. If the other party does litigate and obtains a judgment against you they...

Alright, thanks Yorkie and Rob, I see what you were thinking now.

Yorkie But why are you referring to those people and companies when 65fbk was asking if anyone had been sued and lost their assets?

Yorkie What do you mean?

Having a trust can make things more flexibile and this can aid borrowings. e.g. if you were to buy in your name only and later tried to increase the loan but couldn't service there is not much you can do. But if you had a trust you could more easily add a person as a guarantor and use their...

Ollier v Magnetic Island Country Club Incorporated & Shanahan [2003]. QSC 263 http://archive.sclqld.org.au/qjudgment/2003/QSC03-263.pdf Sad case

Here is a link to the full judgment Muir v Hume [2003] QSC 191 http://archive.sclqld.org.au/qjudgment/2003/QSC03-191.pdf It is only 10 pages long and worth the read. The tenant was awarded $1,248,402.54 (before costs too!) for a back injury that resulted from tripping on carpet. The...

No, there is still protection for anyone assisting in an emergency situation. Otherwise people may just not assist fearing being sued. in NSW See CIVIL LIABILITY ACT 2002 - SECT 57 Protection of good samaritans 57 Protection of good samaritans (1) A good samaritan does not incur any...

I had a friend who was on the top tax rate and had a wife who wasn't working. He purchased a property in Perth before the boom and I advised him to look into using a discretionary trust. Instead he just purchased in his own name for the 'tax benefits'. The property doubled in value within 2...