A friend of mine got sued recently for his business activities, and ended up spending $30,000 in legal fees to defend himself. He could have won without a lawyer but he didn't want to put his property at risk (as it's in his name).
So from his experience, I'm now obsessed with Asset Protecting my properties and shares.
So I'm thinking of this Trust structure:
Appointors: Myself
Trustee: Myself Investments Pty Ltd (which I am the sole company director)
Asset: My investment property
Beneficiaries: Various people
My question
1. If I get sued for personal reasons (not bankrupt or bad credit reasons), can they go after my Trust assets?
How effective is the Trust at "asset protection" against my personal liabilities if I'm the sole Appointor?
So from his experience, I'm now obsessed with Asset Protecting my properties and shares.
So I'm thinking of this Trust structure:
Appointors: Myself
Trustee: Myself Investments Pty Ltd (which I am the sole company director)
Asset: My investment property
Beneficiaries: Various people
My question
1. If I get sued for personal reasons (not bankrupt or bad credit reasons), can they go after my Trust assets?
How effective is the Trust at "asset protection" against my personal liabilities if I'm the sole Appointor?