Setting up a TRUST is a legal way of protecting your assets for the future.
The protections that a trust can provide are:
- Passive Assets – Protecting your personal and passive assets from personal risk that you may face such as personal guarantees, business risk, or relationship property issues
- Dividing Risk – Ensuring your different assets are owned within entities which allow them to stand alone as much as possible, so that the risks associated with each asset do not adversely impact on all the assets held
- Estate Planning – Structure your assets so that once you are deceased, those assets are safe-guarded for your immediate family, and protected from any personal risk or potential relationship property issues they may face
- Financial Support – Providing for your family financially on an ongoing basis if anything is to happen to you
- Means-Testing – Minimising the potential impact of means-testing and wealth/inheritance taxes, and providing for rest-home subsidies, that could impact on your livelihood and your asset base in future years