Running a Family Trust ( for Dummies ?)
- Thread starter Georod3
- Start date
Have a good look trust magic for the best intro to trusts.
When running one as a trustee or director of the trustee then you would need to consider:
- The deed. read it thoroughly. If it is not in the deed then you cannot do it - generally.
- trustee act in the state of the trust
- become familiar with the common law duties of a trustee
- get to learning about the tax aspects - very complex, but try to get a general understanding.
If the trustee is a company then, additionally, need to know:
- General overview of corporations act
- Director duties under the corporations act
- common law director duties
etc
When running one as a trustee or director of the trustee then you would need to consider:
- The deed. read it thoroughly. If it is not in the deed then you cannot do it - generally.
- trustee act in the state of the trust
- become familiar with the common law duties of a trustee
- get to learning about the tax aspects - very complex, but try to get a general understanding.
If the trustee is a company then, additionally, need to know:
- General overview of corporations act
- Director duties under the corporations act
- common law director duties
etc
I'm the trustee, with all the family trusts around I thought a simple guide would exist..
I understand all the basic principles and the content of the trust, it's more around the operational aspects, keeping records, minutes, etc that I was looking for.
It's a simple trust for income splitting with my wife and kids.. They are minors so allocation to them will be minimal.
I'll did around .. I just thought people might have a few book recommendations on the subject...
Amazon here I come ... I guess !
I understand all the basic principles and the content of the trust, it's more around the operational aspects, keeping records, minutes, etc that I was looking for.
It's a simple trust for income splitting with my wife and kids.. They are minors so allocation to them will be minimal.
I'll did around .. I just thought people might have a few book recommendations on the subject...
Amazon here I come ... I guess !
Nothing relevant on amazon
You will need Australian stuff.
Trust Magic is your best bet. None of the other books around give any details on day to day running. You just have to use your own common sense and don't treat the trust assets as your own - this is one of the biggest problems people run into I think.
So separate bank accounts. Make decisions with the beneficiries in mind - not just yourself. Keep proper records of decisions and document everything you do - such as deciding to open a bank account, buy a house, make a distribution etc.
You will need Australian stuff.
Trust Magic is your best bet. None of the other books around give any details on day to day running. You just have to use your own common sense and don't treat the trust assets as your own - this is one of the biggest problems people run into I think.
So separate bank accounts. Make decisions with the beneficiries in mind - not just yourself. Keep proper records of decisions and document everything you do - such as deciding to open a bank account, buy a house, make a distribution etc.
here is the book i read, written by an aussie, very good 101 book:
http://www.booktopia.com.au/family-trusts/prod9780731407125.html
http://www.booktopia.com.au/family-trusts/prod9780731407125.html
Try reading his "Dictionary of Stock Exchange and Investment Terms"
Renton is an author often overlooked by the investing crowd, perhaps due to the fact his books are often "tedious and hard to read" and lacking any hint of hype.
Very informed author and his book on investment property is one of the best IMO.
Some maybe possible, not sure of the sex toys though.
Dale has been rather more creative than some accountants.
From memory, gifts under a certain value could be deducted. So if your toy was the blond standing on the corner, it probably wouldn't qualify.
If you are unsure, run it by your accountant. Back up anything you say with Trust Magic, but take your account's say so as the final word.
From memory, gifts under a certain value could be deducted. So if your toy was the blond standing on the corner, it probably wouldn't qualify.
If you are unsure, run it by your accountant. Back up anything you say with Trust Magic, but take your account's say so as the final word.
Like others I can recommend Trust Magic. Dale is a great guy.
The copy I have (a few editions old now) raves about Hybrid Trusts (HDTs).
I have a HDT and I would recommend you get a several opinions on them if you were ever to consider one.
Some accountants find these 'shiny cool tools' irresistible, but there are merits in keeping things simple, especially when it comes to obtaining finance in times of tight credit.
In my recent purchases I found I was a little limited using my DT, so I'd imagine using a HDT would be even harder.
Going forward I will consider DTs as my first choice.
This board is probably your best source of knowledge on them.
The copy I have (a few editions old now) raves about Hybrid Trusts (HDTs).
I have a HDT and I would recommend you get a several opinions on them if you were ever to consider one.
Some accountants find these 'shiny cool tools' irresistible, but there are merits in keeping things simple, especially when it comes to obtaining finance in times of tight credit.
In my recent purchases I found I was a little limited using my DT, so I'd imagine using a HDT would be even harder.
Going forward I will consider DTs as my first choice.
This board is probably your best source of knowledge on them.
You can claim whatever you want, as long as you feel you can justify it was required to earn income.
