Hi,
I’m trying to see which one would fit better in our situation.
We are married. We both earn almost same. My wife is a director of a trustee company. Trust has a dance teaching business and my wife is the teacher (small scale on weekends). I'm the appointer. I might do 'data modelling' type of contract work in the future under that Trust.
As a director, my wife could be sued. That is why I'm wondering what set up we should be buying our next IP. I don't want to buy under another trust set up at the moment. We do have public liability insurance.
Should it be Tenants in Common (1% for wife and 99% myself) OR Joint Tenancy (equal share)?
Under Joint Tenancy, All calculations (LOC, negative gearing.. etc) would be easier to calculate. Also the property goes to the other person automatically if one person dies.
Under Tenants in Common (1%:99%), property is safer if she gets sued. But is it all worth the hassle? Is it possible to join two loans where the percentage of ownership if different (but still same two names)?
Regards,
devank
I’m trying to see which one would fit better in our situation.
We are married. We both earn almost same. My wife is a director of a trustee company. Trust has a dance teaching business and my wife is the teacher (small scale on weekends). I'm the appointer. I might do 'data modelling' type of contract work in the future under that Trust.
As a director, my wife could be sued. That is why I'm wondering what set up we should be buying our next IP. I don't want to buy under another trust set up at the moment. We do have public liability insurance.
Should it be Tenants in Common (1% for wife and 99% myself) OR Joint Tenancy (equal share)?
Under Joint Tenancy, All calculations (LOC, negative gearing.. etc) would be easier to calculate. Also the property goes to the other person automatically if one person dies.
Under Tenants in Common (1%:99%), property is safer if she gets sued. But is it all worth the hassle? Is it possible to join two loans where the percentage of ownership if different (but still same two names)?
Regards,
devank
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