This in turn can impact tax liability, as income derived from the trust can then be distributed to its beneficiaries by the trustee. Discretionary trusts are the most common trust method...
Managing assets requires professional experience and legal advice. Discretionary trust is something that offers just that. It like a tree hierarchy where the trustee heads the trust and the beneficiaries follow. The trustee decides the number of beneficiaries this legal arrangement should have. As fiduciary duty is one of the main attributes of discretionary trust, the trustee acts in the best interests of the parties. A discretionary trust is a legal arrangement in which a trustee holds and manages assets on behalf of beneficiaries. The truste ...
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It is well known that a family trust has many benefits beyond tax. So, when a Perth business accountant discusses tax law structuring for family trusts, one of the first essential questions raised is: Who should be the trustee of my discretionary trust? · The choice of a trustee significantly impacts succession, tax efficiency, asset protection and ongoing costs. Why is the choice of trustee important? · The trustee legally owns the trust property, but it is not necessarily the beneficial owner. The trustee plays a caretaker role on behalf of ...
A trust is an obligation that binds a trustee, an individual or a company, to deal with assets such as land, money and shares and which form part of the trust. The person who places assets into a trust is known as a settlor and the trust is for the benefit of one or more ‘beneficiaries’. The trustees make decisions about how the assets in the trust are to be managed, transferred or held back for the future use of the beneficiaries. IHT planning can involve the careful use of trusts. There ar...
Discretionary Trust ; An arrangement whereby property is set aside with directions that it be used for the benefit of another, the beneficiary, and which provides that the trustee (one appointed or required by law to administer the property) has the right to accumulate, rather than pay out to the beneficiary, the annual income generated by the property or a portion of the property itself. Depending on the terms of the instrument that creates the trust, such income can be accumulated for future d...
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Fan Mail - Send us a Text MessageTerry Waugh is a solicitor, mortgage broker and tax adviser.Today’s topic is all about trustees of a discretionary trust.--If you would like to ask a...
Our discretionary trust services include: ; Establishing the discretionary trust. ; Specialist financial services advice ensuring alignment with your financial goals and estate planning objectives. ; Establishing a corporate trustee (if required) – if a corporate trustee is advantageous for your situation, we assist in establishing the corporate entity to serve as trustee. ; Preparing discretionary trust tax returns and financial statements – our team prepares tax returns and financial statements for your discretionary trust, ensuring compliance and optimising tax positions.
Check out who is attending ✭ exhibiting ✭ speaking ✭ schedule & agenda ✭ reviews ✭ timing ✭ entry ticket fees. 2024 edition of Overturning Discretionary Trustee Decisions - Top Tips for Success - L...