Asset Protection: What do you want to know

[Terry_w]

I am doing some research on the topic for asset protection for a book I am writing (planning several different books on various topics). I have been making a list of asset protections strategies and am up to 129 so far.

can I ask people is there anything in particular you want to know about asset protection, any areas you would want covered in such a book?

 

[Scott No Mates]

You've probably covered it off elsewhere but Testimentary Trusts.

 

[Tillie]

You are probably planning to have chapters of these already, but. Mention them anyway

Australian 'version' of prenuptial agreement
The best way to keep 'children's spouses' hands out off family inheritance, if you want to leave your assets to your children in the Will.

 

[fernfurn]

In a de facto relationship, how to ensure assets you had fully owned previous to entering into the relationship, can be willed to your own children

 

[Ed Barton]

can I ask people is there anything in particular you want to know about asset protection, any areas you would want covered in such a book?

"I have a sizeable/moderate amount of assets that I've just realised are very poorly protected. What's the best/cheapest way to protect what I already have? "

I imagine this is a very common scenario.

 

[china]

Please devote a chapter for the older single person with substantial assets with no wives - former or present - /dependents who may wish to get married / acquire defacto later in life. Also no clearly defined beneficiaries.

Older singles (above 35) are quite different from people with past wives, current wives, dependents, defactos in terms of asset protection.

 

[Terry_w]

China, you definition of 'older' shocks me. I need to devote a chapter to that itself.

My chapter on family law issues is entitled "Chastity Protection Trusts"

 

[Scott No Mates]

My chapter on family law issues is entitled "Chastity Protection Trusts"

Will you be quoting the Pope's latest encyclical?

 

[DaveM]

I wish to know how I can have all my assets in my dogs name?

 

[Kinnon Bell]

No kids. Wife dies and everything is left to husband. When husband dies wife doesn't want husband's family getting 100% of inheritance - 50% to go where wife wants.

Asset protection when self employed - from potential bankruptcy or if sued.

 

[cu@thetop]

Not so much an asset protection strategy but how about a bonus chapter on stalling legal proceedings.
How an application for instalment payments of your debt can stall a bankruptcy notice is a great strategy I only happened upon by chance years ago.

 

[Bantam Roosta]

Under what circumstances do people need varying levels of asset protection (does everyone need a hybrid discretionary trust buried within a unit trust with a subcontractor of a company managed by an unrelated pet as the trustee, or are there situations where keeping it simple is fine?).

BR

 

[Redwood]

I wish to know how I can have all my assets in my dogs name?

LIKE I know a heap of people who would be flicking to that chapter first (plus I have two dogs!)

 

[Tano]

You are probably planning to have chapters of these already, but. Mention them anyway

Australian 'version' of prenuptial agreement
The best way to keep 'children's spouses' hands out off family inheritance, if you want to leave your assets to your children in the Will.

Can you tell me which is the most secure way to buy property for your kids without any chance of their partners (unmarried or married) moving in for 6 months and taking half?

These are the 2 options i have been told but i want to know which option cannot be contested (bulletproof)

1. Loan:
   Lend the money at a certain interest rate and then take a caveat over the property. Childs bank may want a 1 page loan agreement from parents outlling the childs repayments. Child can get the bank to revalue the property and increase their mortage limit to repay the parents.
   
   
2. Deed of Apparent Purchaser:
   A buys property using funds provided by B. Title is in A's name. At a later stage A's girlfriend (or other person seeking to make claim on the asset eg : bankruptcy) wants a claim on house. So B steps forward and the deed permits A to transfer property to B for nominal duty rather than transfer duty. Deed basically declares that A was holding it on Trust for B and was never A's. Proof is required such as evidence that B provided funds. Technically its a resulting trust.

 

[b simpson]

Plenty of fifo workers would be interested in this book.

Consider making an E or i book format as fifo often prefer a digital version.

 

[Terry_w]

Can you tell me which is the most secure way to buy property for your kids without any chance of their partners (unmarried or married) moving in for 6 months and taking half?

These are the 2 options i have been told but i want to know which option cannot be contested (bulletproof)

1. Loan:
   Lend the money at a certain interest rate and then take a caveat over the property. Childs bank may want a 1 page loan agreement from parents outlling the childs repayments. Child can get the bank to revalue the property and increase their mortage limit to repay the parents.
   
   
2. Deed of Apparent Purchaser:
   A buys property using funds provided by B. Title is in A's name. At a later stage A's girlfriend (or other person seeking to make claim on the asset eg : bankruptcy) wants a claim on house. So B steps forward and the deed permits A to transfer property to B for nominal duty rather than transfer duty. Deed basically declares that A was holding it on Trust for B and was never A's. Proof is required such as evidence that B provided funds. Technically its a resulting trust.

If you want an option that cannot be contested then not give the kids anything.

Loaning money is a good option but what about the equity growth? A commercial loan agreement should be entered into as well - best to get the spouse to be a party to the agreement too so you can later sue them if need be. You would want more than a 1 page agreement though.

deed of aparent purchaser won't work too well at all. It is a bare trust so beneficiarl ownership is with the parent. No CGT exemption - if parent not living there. land tax issues. Its in the child's name, so child could deal with property - mortgage, sell etc. What happens when parent dies.

Why not just own the property yourself and will it to a testamentary trust, even an intervivos discretionary trust of which the child has no role. Life interest to the child so he/she could live their until death.

 

[DavidMc]

Ways to keep land tax to a minimum, state by state.

 

[Terry_w]

Ways to keep land tax to a minimum, state by state.

Hey that is that asset protection - or are you protectinng your assets from excess duties and taxes?

I haven't looked at the NSW budget yet, but they probably just changed the rules today.

 

[datto]

The most effective asset protector that I have came across, now correct me if you disagree or forever hold your piece, is the cup protector. What? wrong asset?

 

[alexlee]

or forever hold your piece

This would also work.