Taylor & Whitty Solicitors can assist you with structuring your business or investments through discretionary and family trusts. Trusts can be used as a tax minimisation strategy; as a means of providing shared income for family members; to minimise the risk of creditors making a claim against your assets; and to place valuable assets out of the direct control of individuals at risk
of making poor decisions that may affect a number of stakeholders involved. One type of discretionary trust is a family trust.
A trustee (frequently family members) is elected to hold assets in their name for the benefit of a group of beneficiaries. Although one or more person can be elected as trustee, so too can a company.
This is beneficial in terms of avoiding difficulty experienced in situations such as the death of a trustee, or in circumstances where a trustee is declared
bankrupt. We can assist you with:
- Drafting trusts
- Reviewing trusts to ensure they comply with financial and trust-related legal requirements
- Liaise with accountants in the implementation and day to day administration of trusts to ensure ongoing compliance with taxation laws
- Advice for structuring your trust in ways to minimise the chance of claims being made under family law or debt recovery proceedings.