To trust or not to trust? The benefits of using trusts for property ownership
Are you interested in purchasing property but concerned about the potential tax implications and risks involved? Are you unsure whether you should own your property in your personal capacity, in a company name or by way of trust?
It is important to obtain both financial and legal advice prior to purchasing property as every situation is unique.
The term trust is widely used but rarely understood.
A trust is a structure which allows a person or company to hold property or assets for the benefit of others. The person holding the asset or property is known as the trustee and the person or company for whom the benefit is held is known as the beneficiary.
Holding property in a trust structure is popular for property investors as they offer a range of benefits including: asset protection; tax effectiveness; and preservation of wealth.
At Bambrick Legal, we can assess your situation and advise you of the direct benefits of property ownership by way of trust. In the event that you are looking at setting up a family trust or transferring property, we have all the skills in house to facilitate a seamless process that provides you with maximum protection and control over your assets.
So, the question of whether to trust or not to trust does not have a simple yes or no answer, but rather requires careful consideration of your unique situation and the benefits that apply to you.
If you would like some assistance regarding property ownership and transfers and asset protection, please contact one of our friendly staff at Bambrick Legal today:
- Call us on 08 8362 5269
- Email [email protected]
- Fill in our enquiry form here
- Visit our office at Suite 12, 15 Fullarton Road, Kent Town SA 5067
CONTACT US NOW FOR YOUR FREE NO OBLIGATION 30 MINUTE CONSULTATION!