Hi Guys,
My family has a family trust we used to run a Vending machine business. We are now not trading anymore and but instead want to use the trust to hold investment properties. I have a couple questions that i was hoping someone can please help me out on.
1.) When using a family trust to hold IP's, should the trustee be individuals or a company? Why I ask this is that when a property is held under a family trust, the name that goes on the title would be the trustees, therefore i assumed that it's always a better way to use companies because you can change directors of a company, but if you changed an individual , you would have to change the name on the held property titles?
2.) The current trustee for our family trust is a PTY LTD company, i'm unsure what other types of companies there could be, but was wondering if i would need to create another company if the current one isn't suitable.
3) Would there be any tax, legal issues putting IP's into a family trust that has a company as a company that used to trade?
First time Poster/Newbie, so please go easy
Kindest Regards,
John A
My family has a family trust we used to run a Vending machine business. We are now not trading anymore and but instead want to use the trust to hold investment properties. I have a couple questions that i was hoping someone can please help me out on.
1.) When using a family trust to hold IP's, should the trustee be individuals or a company? Why I ask this is that when a property is held under a family trust, the name that goes on the title would be the trustees, therefore i assumed that it's always a better way to use companies because you can change directors of a company, but if you changed an individual , you would have to change the name on the held property titles?
2.) The current trustee for our family trust is a PTY LTD company, i'm unsure what other types of companies there could be, but was wondering if i would need to create another company if the current one isn't suitable.
3) Would there be any tax, legal issues putting IP's into a family trust that has a company as a company that used to trade?
First time Poster/Newbie, so please go easy
Kindest Regards,
John A