Hello all,
I am just curious what the correct thing to do with the $10 settled sum to create the family trust?
It was suggested to me I should make it the initial deposit into the trusts' bank account, but to me that doesn't look right, as wouldn't it then appear on the bank statement as if I had given the settled sum rather than the settlor? I would presume this would then invalidate the trust and give me a whole lot of taxation issues I don't want to think about.
Would be grateful for any feedback on what the members of somersoft have done for their trusts.
Cheers.
I am just curious what the correct thing to do with the $10 settled sum to create the family trust?
It was suggested to me I should make it the initial deposit into the trusts' bank account, but to me that doesn't look right, as wouldn't it then appear on the bank statement as if I had given the settled sum rather than the settlor? I would presume this would then invalidate the trust and give me a whole lot of taxation issues I don't want to think about.
Would be grateful for any feedback on what the members of somersoft have done for their trusts.
Cheers.