Trusts: Help me get out of this rutt and stop procrastinating

[dee]

Hey all
Ive previously acquired 3 ips in personal name and now feel that a trust structure will be more beneficial to me in the long term. There is a bit of equity in these ip's which i could potentially use.
In the last year I have been looking at property, but not in a postition to buy, as my new structure is not set.
The problem is my accountant is unable to give me further advice.
Im in Adelaide, and cant find anyone comfortable with hybrid discretionary trusts.
Yah Ive read dales manual

I think this is the best way to go, but not happy until I get professional advice.
If I go normal discretionary trust - I will have negative cashflow. When I extract equity from the ips in personal name and move it into the trust as a deposit for the new ip, then the interest on those borrowings are not tax deductable I believe. And the trust is not making any money, so there is not any tax advantage. I currently dont have anyone with low income to distribute too either.

So I think HDT is the best way. extracting equity to buy units in HDT - this interest is tax deductable right.

There have been several IP that i could have bought had my structure been in place. Havent bought anything for more than 1.5yrs!.


So ive figured the steps i need to take are
1. post on here to ask for contacts
2. find an accountant
3. find a lawyer comfortable to draw up the documents
4. get bank to go over my ideas, Make sure they are comfortable with my structure, and pre approval for lending
5. then make offers


How does that sound?


Dale U listening, got any tips. Know anyone in Adel
Are u still taking on clients?

 

[Fester]

Hmm, be interesting to see what sort of reply you get Dee. I am from Adelaide, my accountant is very IP savvy, but not trust savvy. Looking at HDT myself.

 

[Rolf Latham]

Hi Dee

Get to Melbourne and see Dale, its barely a day trip :O)

ta

rolf

 

[kph]

Gosh !!
Just email him...he always seems to reply very promptly.
A workmate has just set up his structure (trustee and hybrid trust) today via Dale and we are in remote WA !!
Also agreed to have Dale do his tax returns as he is having trouble with local accountanys and his previous accountant is trust illiterate...
The beauty of modern communications....

KPH

 

[geoffw]

I third that!

If you HAVE to visit personally (you could do everyting without a personal visit). Virgin Blue do flights starting at $75 (deductible- as long as that's the only reason for the flight).

Oh, East Kylsyth, or whereever he is, is a little way out.

 

[Patosan]

I'm with KPH,

You don't need to visit ... email, fax or telephone is fine.
Dale has had countless email sessions with me, set up our trust and doing my tax.
However I haven't met him.
Hell I can always look at his pic at his website if I feel the need ... not likely.
You're in Adelaide ... well I'm doing it from Japan ... it's all the same.

Don't worry.

 

[austini]

Please stop procrastinating and get in touch with Dale at Gatherum Goss & Assoc, Melbourne. His knowledge of trust structures is outstanding.

I can assure you that distance is no problem at all having used his services in Melbourne initially, then Prague (Czech Republic) and now Brisbane. No matter where you are in the world his response to queries and provision of critical information is lightning fast and his service is excellent. And quite frankly his fees are very competitive and you can be assured that this is one guy who will never overcharge.

Cheers - Gordon

 

[geoffw]

And quite frankly his fees are very competitive and you can be assured that this is one guy who will never overcharge.

Good to know.

I've gone with Dale for quality- I didn't even ask about price. But good to know that his pricing is fair.

 

[GreatPig]

Geoff,

Just out of interest, what was your ex-accountant's reaction when you told him you were changing?

I may well be doing the same thing shortly.

GP

 

[kph]

Arrigato

Arrigato, pato-san.

Sayonara...

 

[geoffw]

Just out of interest, what was your ex-accountant's reaction when you told him you were changing?

I may well be doing the same thing shortly.

I don't know yet, because he does not know

That's why I pay other people to do things for me. That's going to be Dale's job, when I submit my tax return stuff.

 

[Mr. Fabulous]

Geoff, do I detect a fear of confrontation? Hahahahaha. Hey bloke, go with Dale, he's awesome. His rates are more than competitive, but even if he charged double what he does now, I'd still use him.
Get this - I went to see him personally a few times when I first became a client, to get some advice on a few different things and he didn't charge one cent. He took an hour out of his time to speak to me each time and answered all questions honestly and specifically.
Also, his confidence when talking about tax and investment related issues was sky high, which left me feeling very confident that I had made the right choice in choosing him to be my accountant.
Oh, and he possesses honesty, integrity and trustworthiness in buckets, three values that are right near the top of my list of most important values.

 

[GreatPig]

I don't know yet, because he does not know

LOL.

As long as he doesn't try to hit you with a bill for a whole lot of work he might claim to have been doing for you since you last paid him.

GP

 

[geoffw]

Geoff, do I detect a fear of confrontation?

Yes. There's not often a reason for confrontation. But for fair exchange- yes. An email or something may be in order. But even that- I no longer have the identity of dealing with the one person. I understand the partner I deal with is out of reach. But I have one person for super, one for personal, and one for the trust. And even then, the advice differs.

he possesses honesty, integrity and trustworthiness in buckets, three values that are right near the top of my list of most important values.

Yep. And those values come across loud and clear from everything he has shared on this forum.

Thanks Dale- are you embarrassed yet?

 

[stickysandwich]

i spoke with an accountant about 2or 3 months ago to ask what he knew about stuff, then made an appt to see him, to talk about stuff, nothing, not one single thing did he do for me except write a list of what he might need to look over, 5 things on a scrap piece of pad paper - BILLED $238. That is the last time I will speak with this guy!! Approx 1 hr in total. Could not believe it! I was interviewing him, he should have paid me!

Stickyrippedoff