ABOUT FAMILY TRUSTS
Family trusts provide asset protection for yourself and your family.
They work on the principle that "If I do not own the asset they
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cannot take it off me". Family trusts are formed for many reasons.
The decision is purely personal. It is a question of risk management.
If you can identify, measure, control, finance and review your risk,
you are better off for it.
Most modern trusts are "discretionary trusts" which are very flexible and often
achieve more than one goal. The key one is asset protection. The Government can
take our assets through taxation (remember the surcharge on National Superannuation
a few years ago?), gift duty, the possible re-introduction of a estate duty, the
possibility of a capital gains tax, and through the asset testing and means testing
regime before we can qualify for a residential care subsidy if we go into a rest
home or hospital in our old age.