when to for a trust (asset protection& tax minimisation)

[pelanie]

It will be really good if anyone can help me with this.

I often hear about asset protection and tax minimization, but then, at what stage do i set this up ? i went n talk to some lawyers, they suggest to set up a trust, then i went n talk to some accountant, but it seems like they have no idea what i m talking about.

some say, oh,,, only those 'rich people' do it.... so, i'm wondering anyone know any accountant who are good in victoria (melbourne) for this kinda thing ?

Also, at what stage do we set this up ?
Also, if we set it up, it will only be me n my husband, no kids, so im not sure about the beneficiaries. will it be any benefit for us to set this up?

 

[Rob Williams]

There's only one name (Somersoft username) you need to know ...
JamesGG
Job done!

 

[Terryw]

You really need to set up your trust before you start acquiring assets. Once you have the assets its really too late.

It is just a matter of working out the tax and cashflow impact purchasing in a trust will have and then deciding if it is for you.

 

[pelanie]

Hi Rob,

who is james GG?

 

[Terryw]

Dale's son.

 

[Piston Broke]

The main question being: "How much are you willing to pay for it?"

 

[Rob Williams]

Hi Rob,

who is james GG?

JamesGG is his Somersoft ID.
http://www.houseofwealth.com.au/james.php

 

[Paul Do]

only those 'rich people' do it

The majority of the population don't need to use structures other than their own name. It's actually counterproductive as the costs outweigh the benefits.

However, you get unscrupulous people playing on the "the rich do it" implying you're prepared to accept being poor by not doing it.

My suggestion is to start on your wealth building journey and when you start to feel you need the structures, to do it then. It might be non-optimal with some investments, but at least then you won't have any extra costs if you don't make much headway.

Oh, by the way, never ask a barber if you need a haircut.