Could you use a Testamentary Trust to reduce tax for your kids? Many people don't think about it!

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Envision Financial Canberra

Күн бұрын

Пікірлер: 7

@neolion8150 5 ай бұрын

Doing this for the algorithm because you can’t find these topics done so well anywhere else.

@thestrategystacker 5 ай бұрын

Thankyou. If only I knew how to get this to 1m people quickly everyone would be better off.

@tomaraquefalls 5 ай бұрын

Content is gold👍 You are getting the message out, it is so important in many ways. It is not a topic that attracts the attention as '$1m is yours in 22 seconds' but you are doing your bit in sharing wisdom. 'If you want to protect your kids'. A most powerful message to any parent. That is our job.👍👍

@BeeMcDee 4 ай бұрын

So, if there are multiple children in a testamentary trust, and they want to sell the assets I.e. property, can they do that? And if the beneficiaries never actually own the assets, what happens if/when they die? Also, is there any info you can give about the process of accessing those assets? Does it differ between trusts? E.g. how does a mechanism like a testamentary trust allow beneficiaries to withdraw money/assets and also protect against financial abuse/control by the trustee?

@thestrategystacker 4 ай бұрын

@@BeeMcDee they can sell anything they want at any time. The trust simply holds the asset for their benefit. It would also pass on their death per their estate planning documentation that would allow for the assets in the trust. Professional advice is essential with this regard.

@RennieCacciola 5 ай бұрын

If a couple has an SMSF with a property being the biggest asset, how can the adult children be shielded from taxation on the death of both parents? Would it be better to divest the property when both are retired, take the lump sum, and then re-contribute into accumulation? Or would the testamentary trust help avoid tax for adult children?

@thestrategystacker 5 ай бұрын

@@RennieCacciola tax status moves with the cash. You could sell and re cont or sell and take out prior to passing. Or start multiple account based pensions with cash in the fund if your pension age and hold the property at the same time.