With the need for a family trust now gone (set up by our late parents and now run by my brother and me), we have talked about splitting things between us, so that we can untangle our lives financially.
We are on very good terms, no issues there, but rather than keep the trust running which ties our two families together, we could each take our own inheritance and head in the direction we feel comfortable with. My brother and I have very different risk profiles and thoughts on where and how to invest.
We also have various children with loans which is tying up the existing trust LOC and I will be wanting to use the LOC to build townhouses in a year and prefer to not tie up the joint LOC. If we each take our own half, I can set up my own LOC and take on my own children's loans. My brother can do the same with his kids and any loans to them.
We want to start this process in this current financial year, but realise the costs of moving things to our own names (or new structures) will work best if we minimise the costs (selling costs, stamp duty costs if we don't sell but simply transfer from the trust to our own name, or to a new trust).
When my parents set up this trust, they used RetireInvest to get things into the trust at the optimal timings to keep the costs down, spread over several financial years. The chap was very helpful, knowledgeable and this process worked well. He is not there now. I could use someone new there but I wonder who else could do this sort of thing... accountant? solicitor? financial planner?
A financial planner would get no commission from selling us anything as we are buying nothing, but like happened with RetireInvest, we would set an upfront fee for the work to be done.
Is RetireInvest our best choice and if not, who could steer us through this process, which will take at least two financial years.
We are on very good terms, no issues there, but rather than keep the trust running which ties our two families together, we could each take our own inheritance and head in the direction we feel comfortable with. My brother and I have very different risk profiles and thoughts on where and how to invest.
We also have various children with loans which is tying up the existing trust LOC and I will be wanting to use the LOC to build townhouses in a year and prefer to not tie up the joint LOC. If we each take our own half, I can set up my own LOC and take on my own children's loans. My brother can do the same with his kids and any loans to them.
We want to start this process in this current financial year, but realise the costs of moving things to our own names (or new structures) will work best if we minimise the costs (selling costs, stamp duty costs if we don't sell but simply transfer from the trust to our own name, or to a new trust).
When my parents set up this trust, they used RetireInvest to get things into the trust at the optimal timings to keep the costs down, spread over several financial years. The chap was very helpful, knowledgeable and this process worked well. He is not there now. I could use someone new there but I wonder who else could do this sort of thing... accountant? solicitor? financial planner?
A financial planner would get no commission from selling us anything as we are buying nothing, but like happened with RetireInvest, we would set an upfront fee for the work to be done.
Is RetireInvest our best choice and if not, who could steer us through this process, which will take at least two financial years.