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| Protect Family Assets |
| Trusts have been around for centuries, but their use is not for everyone nor is it just for tax advantages. |
The use of trusts can be traced back to the Crusades in 1100 AD. To ensure protection of personal assets for the benefit of his family, a knight leaving for a Crusade would transfer legal ownership of his land and other possessions to a knight who was remaining at home. The assets would be held in trust for the wife and children of the departing knight, with instructions on generational inheritance and administration of the estate.
In Australia, many investors have used trusts for decades to hold and protect family assets.
It is important for business operators and investors to explore the options associated with trusts, to determine whether the benefits outweigh the costs and additional responsibilities.
It is important for clients to seek professional advice before determining that a family trust is appropriate and even more important to use a skilled solicitor familiar with all of the issues.
8th-June-2003 |
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