Collins & May specialise in Family Trusts. Whether it be for owning your family home or investing in property or shares, there is a Trust solution that can meet your needs.
The most common form of Trust is a simple Family Trust to own your family home. The Trustees of the Trust would be the current owners plus an Independent Trustee.
Once the Trust has been created it does not have any assets or income and will need to borrow the money from the current owners to fund the purchase of the property. Depending on your circumstances and requirements the full loan can be forgiven in one lump sum since gift duty was abolished on 1 October 2011 however before making that decision, serious consideration must be given to the effect of such a gift to other risks such as the qualification for the Residential Care Subsidy later on in life or insolvency (if that is a motivating factor for setting up the Trust). It is strongly advised that you take the appropriate professional advice before making a final decision in relation to the gifting to a Family Trust.
If you are interested in obtaining further information in regards to a Family Trust do not hesitate to download our informative booklet and contact any members of the Trust team if you have any further queries.