Family trust mistakes - ASSET PROTECTION ISSUES

Family trusts are a great structure for asset protection.

However, in many cases, they are set up with an individual person as the trustee, which effectively neutralises a major component of asset protection.

For example, if the trust is sued, say, by a tenant, the trustee would be at risk, as would any personal assets.

The appropriate trust amendment can fix this but if not correctly implemented it could trigger a full stamp duty event.

[note]Family trusts can be a valuable tool, especially for families who want to share the financial fruits of their success.

However, it's vital that you access professional advice before considering whether Family Trusts will benefit your long-term wealth creation and protection goals.

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Jason Gwerder
Saturday, 1 July 2023

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