DIR Return Create A Forum - Home
---------------------------------------------------------
MT Lives!
HTML https://mtlives.createaforum.com
---------------------------------------------------------
*****************************************************
DIR Return to: General Discussion
*****************************************************
#Post#: 3894--------------------------------------------------
Family Trusts / Protecting your Assets
By: Brett Date: August 15, 2019, 8:46 am
---------------------------------------------------------
As per the title.
In this day and age of litigation and entertaining the
ridiculous, have any of you considered starting a family trust?
What measures have you taken to protect yourself legally and
financially for the future?
#Post#: 3905--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: dirtyvest Date: August 15, 2019, 11:12 am
---------------------------------------------------------
None at all, but then I own nothing of value.... with recent
events my Mrs was just talking about having something by the way
of 'insurance' in place sooner rather than later tho
#Post#: 3912--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: Brett Date: August 15, 2019, 11:58 am
---------------------------------------------------------
You mean like life insurance?
I have some default life insurance rolled in my superannuation.
I don't know if you have super over there?
Days of old people just used to put the house and other assets
under the wife's name in the event that they got sued, but that
loophole has since been closed.
#Post#: 3922--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: doc Date: August 15, 2019, 2:05 pm
---------------------------------------------------------
[quote author=Brett link=topic=158.msg3912#msg3912
date=1565888292]
You mean like life insurance?
I have some default life insurance rolled in my superannuation.
I don't know if you have super over there?
Days of old people just used to put the house and other assets
under the wife's name in the event that they got sued, but that
loophole has since been closed.
[/quote]
Just got divorced so pretty much lost 25 years worth of
earnings, but I do buy gold/silver as its off the books
Would definitely consider a trust and if doing so I would do it
soon as they will probably be outlawed , im going to see a
financial advisor in the next few days to have a look at all of
this.
No idea how this all works with the possibility of a new
partner/wife and making sure my daughter gets my inheritance.
#Post#: 3923--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: Brett Date: August 15, 2019, 3:24 pm
---------------------------------------------------------
I remember you saying on MT mate. Sucks big time!
What makes you think the trust funds will be outlawed mate?
It's all a bit beyond me TBH. We already have wills sorted as I
have shared custody with my oldest and wanted to make sure he
got a cut but his mum didn't if that makes sense lol.
#Post#: 4007--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: Bookerman Date: August 18, 2019, 10:50 am
---------------------------------------------------------
What benefits do trust funds offer in this regard?
#Post#: 4010--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: doc Date: August 18, 2019, 11:27 am
---------------------------------------------------------
[quote author=Brett link=topic=158.msg3923#msg3923
date=1565900659]
I remember you saying on MT mate. Sucks big time!
What makes you think the trust funds will be outlawed mate?
It's all a bit beyond me TBH. We already have wills sorted as I
have shared custody with my oldest and wanted to make sure he
got a cut but his mum didn't if that makes sense lol.
[/quote]
Because my dads just done one and the financial advisor told im,
if you stick everything in a trust and you need a lot of
healthcare they would prefer you to pay for it with your assets
than for you to py with it 60 years worth of taxes and have your
assets handed down to your kids . they want it all!!
#Post#: 4011--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: Newcy Date: August 18, 2019, 11:59 am
---------------------------------------------------------
I've got a very good George Carlin video for that doc.
#Post#: 4158--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: Brett Date: August 23, 2019, 8:37 am
---------------------------------------------------------
Bookerman- I believe having it in a trust fund is almost like
having a company. All the people listed have a share but there
is a designated one or two who controls it all.
If you get sued I believe they can touch a trust fund because
it’s owned by many people. It’s not your assets basically.
Doc did it cost your father much to do?
#Post#: 4161--------------------------------------------------
Re: Family Trusts / Protecting your Assets
By: doc Date: August 23, 2019, 9:25 am
---------------------------------------------------------
[quote author=Brett link=topic=158.msg4158#msg4158
date=1566567465]
Bookerman- I believe having it in a trust fund is almost like
having a company. All the people listed have a share but there
is a designated one or two who controls it all.
If you get sued I believe they can touch a trust fund because
it’s owned by many people. It’s not your assets basically.
Doc did it cost your father much to do?
[/quote]
I will ask him, I do know that when my Mum died he had to pay
£1500 in solicitors fees through probate to get to his own money
though , but thats probably the same without a trust.
*****************************************************