Trusts/companies owning IP's

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From: Luke Smith


I'm trying to find more info on the procedures & legalities of setting up a family trust or a company to purchase our next IP, and future properties. What differences are there in financing of the property? Hopefully someone can point me in the right direction.
 
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Reply: 1
From: Michael Yardney


Luke
Your solicitor or accountant should be able to organise this for you and considering the potential accounting and legal implications it seems prudent that they are involved.
A trust should cost you about $500and a new trustee company about double that. You will find that much of this is taken up in government costs.
I am happy to recommend a good Melbourne based solicitor who understands this and property well to anyone who wants to email me directly
Michael Yardney
Metropole Properties
 
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Reply: 1.1
From: Tom Cleary


Luke
Check any good bookstore for FAMILY TRUSTS by Nick Renton. Its probably the Bible on trusts. Read it, then you will know most of the answers to your questions
P.S Price ~$27
Regards
Tom
 
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Reply: 2
From: Rolf Latham


Hi Luke

The average family trust is easily incorporated into most finance deals.

The lender will want to review the trust deed and will expect the beneficiaries to offer a guarantee.

Some Lenders will hit you for 400 to 1000 more in legal fees, there is a bit more work.

Ta

Rolf
 
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