To buy both Trust Magic & Tax Battles?
- Thread starter Keen
- Start date
If you buy both, it's $168, rather than $99 each- http://www.gatherumgoss.com/shopping.htm. And remember, that's deductible.
There is overlap on the trusts stuff- Tax Battles had Trusts 101. And there is a lot of stuff which you would know about that already, being around on the forum for a while.
Having said that, you only need one single new deduction to make that extra $35 (after tax) very worth while.
Having had a look at the contents, I think it's time for me to go back to my copy for a referesher.
There is overlap on the trusts stuff- Tax Battles had Trusts 101. And there is a lot of stuff which you would know about that already, being around on the forum for a while.
Having said that, you only need one single new deduction to make that extra $35 (after tax) very worth while.
Having had a look at the contents, I think it's time for me to go back to my copy for a referesher.
I have just purchased both books and boy did I learn a lot. Still getting my head around the trust structures !!!
Definitely a good addition to the investment library !!!
Definitely a good addition to the investment library !!!
Thanks for the link, will be handy might buy both myself.
Funny thing on Dales web site, click and enlarge the small picture of him with the tiger. I think the last person to do what Dale is doing got kinda eaten.
Look close at rear end of tiger
Funny thing on Dales web site, click and enlarge the small picture of him with the tiger. I think the last person to do what Dale is doing got kinda eaten.
Look close at rear end of tiger
My soon to be ex accountant recommended that I Do NOT set up a trust to hold assets. He didn't know anything about hybrid trusts.
I also checked with a solicitor and he also had not heard of hybrid trusts.
Having read both books I think they are both a "must read" for serious investors.
Regards
I also checked with a solicitor and he also had not heard of hybrid trusts.
Having read both books I think they are both a "must read" for serious investors.
Regards
geoffw said:
Yes I from 1987 was asking about "trusts" and my accountant of the day and 1 other since both said "you don't need one, there is no advantage and the costs offset the benefits" Being a property investor who almost went bankrupt in 1989 as I am not an accountant, lawyer, innovative money thinker, and was forced to sell rather than draw down my equity to get through the 18% interest period. :-( very expensive hard lesson that was. Then I found this forum, then I learnt I was right all along and trusts could help me. Then I found my current accountant "DaleGG" and then I found my Lawyer had heard of HDT's and the South Australian lawyer population had some thoughts about "them being popular in the 1990's in the East" but that was it. After an education period my Lawyer has now been "Easternfied" and we have an HDT and trustee company and property in the trust. I also have a heap in my own name and I am not happy about that, all due the myopic vision of my earlier accountants and "your occupation is not a high risk job where your assetts are exposed so you don't need a trust" response to my questions. The other person I have to blame is myself for not questioning enough and doing my own research. It is much easier these days with the internet and information is passed around much quicker.
Norman
Are these books best read BEFORE starting out?
I have been umming and aarrgghing about these two..
I have been umming and aarrgghing about these two..
geoffw said:
Thanks GeoffW,
That's what I guessed! I just need to convince the wife regarding the cost vs. benefits! I have got about 1-2 years before I plan to purchase my first IP so it's study time!
NormH
Hi NormH,
As I was reading your post, it appeared to me you hold a substantial amount of property both in your own name and in your trust. This started me wondering if you have more than one trust? If not, when will you form a second trust to segregate your properties?
For the properties held in your own name, do you employ any asset protection methods over those? ie first / second registered mortgages with inter entity borrowing?
What limits do other forumites set for the amount of property to be held in each trust?
Sorry, I think I have hijacked a thread here, so I better answer the quetion. You can never read too much regarding investing even if you disagree with what you have read. Purchase both the books and read them twice.
Highlander
Hi NormH,
As I was reading your post, it appeared to me you hold a substantial amount of property both in your own name and in your trust. This started me wondering if you have more than one trust? If not, when will you form a second trust to segregate your properties?
For the properties held in your own name, do you employ any asset protection methods over those? ie first / second registered mortgages with inter entity borrowing?
What limits do other forumites set for the amount of property to be held in each trust?
Sorry, I think I have hijacked a thread here, so I better answer the quetion. You can never read too much regarding investing even if you disagree with what you have read. Purchase both the books and read them twice.
Highlander
Keen said:Thanks Guys.
I will go and buy both.
Regards
Keen
Me too!
Santa has just received his order!
Nigel is right, that is exactly what I am saying, not only is it too expensive to move them now due to CGT etc but I had the added costs of finding the properties etc that were not a deduction, where as under a Company Trustee arrangement I would have had all those deductions which, to my mind on their own can pay the running costs. Also you can set the structures up years before you need to put the first property into the trust, still have deductions for many things that you would not normally get. The income that the trust would use is money borrowed from you or others. Then when the trust finally does earn some money it can repay those loans from pretax dollars. Things like the computer, software - ie M/S office/ accounting etc. Oh and you operating system like windows.
Highlander-000
I don't have a heap in my own name (3) but I would have preferred them to be in a trust and if I had pushed harder I would not have had to sell in 1989, having sold everything still owe almost $25,000. good advice would have shown that I could had drawn down on my equity, rather than listen to "normal accountant" who said I have to sell - same one who said I didn't need a trust as I was not in high risk job.
I have considered what happens when I get say more than 4 properties into the trust and what do I do then, my thoughts are to then have say a unit trust owned by the HDT and put some properties into that to try and segregate the assetts abit. I will need to look at the actual loan structures and how the guarantees flow first however to ensure I am not breaching the walls via a backdoor. That is for future consideration however.
Highlander-000
I don't have a heap in my own name (3) but I would have preferred them to be in a trust and if I had pushed harder I would not have had to sell in 1989, having sold everything still owe almost $25,000
. good advice would have shown that I could had drawn down on my equity, rather than listen to "normal accountant" who said I have to sell - same one who said I didn't need a trust as I was not in high risk job.I have considered what happens when I get say more than 4 properties into the trust and what do I do then, my thoughts are to then have say a unit trust owned by the HDT and put some properties into that to try and segregate the assetts abit. I will need to look at the actual loan structures and how the guarantees flow first however to ensure I am not breaching the walls via a backdoor. That is for future consideration however.
