Don't want to hijack the other post.
Like 99% of the people, I am totally confused by this trust thing. Set up a HDT couple of years ago via a Melbourne accountant frequented this forum, thinking of getting rid of it because of the b.s. (ATO, hard to get finance (just told by a mb now it's almost impossible), land tax, cost etc etc). The most unbiased and sincere advices are from my fellow SSers (would like to know the facts before seeing the accountant/lawyer) :
1. thinking of setting up couple of businesses using a family trust, does that mean the assets are protected inside or outside the family trust. If anyone sue can they only sue the business family trust and not assets in my wife's personal name ?
2. buy couple of IPs in my wife's name, and she is seperated from my business, can anyone go after her IPs ?
Like 99% of the people, I am totally confused by this trust thing. Set up a HDT couple of years ago via a Melbourne accountant frequented this forum, thinking of getting rid of it because of the b.s. (ATO, hard to get finance (just told by a mb now it's almost impossible), land tax, cost etc etc). The most unbiased and sincere advices are from my fellow SSers (would like to know the facts before seeing the accountant/lawyer) :
1. thinking of setting up couple of businesses using a family trust, does that mean the assets are protected inside or outside the family trust. If anyone sue can they only sue the business family trust and not assets in my wife's personal name ?
2. buy couple of IPs in my wife's name, and she is seperated from my business, can anyone go after her IPs ?
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