Family Trusts
A Plain English Guide for Australian Families of Average Means
- English
- ePUB (mobile friendly)
- Available on iOS & Android
About This Book
This is a plain English manual for ordinary Australian families and small business proprietors. It will help them to decide whether to set up a family trust, to understand the advantages and disadvantages of this useful legal concept and to discuss the issues more intelligently with their professional advisers.
All aspects of setting up and running a family trust are dealt with in this book, including investment aspects and the taxation and social security rules affecting trusts and their beneficiaries. It discusses discretionary and unitised trusts, as well as trust deeds and the roles of the settlor and the trustees. The use of trusts for children with an intellectual disability, philanthropic foundations and the winding up of trusts are also covered.
The fourth edition of Family Trusts has been greatly expanded. In addition to the updated real-life case studies that help to flesh out this important subject, there is new material on the qualifications needed by trustees, hybrid trusts, the risks of borrowing by trustees, non-resident beneficiaries, resettlements, minutes of trustee meetings, protecting assets against creditors, bankruptcy and divorce.
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Table of contents
- Cover
- Contents
- Title
- Copyright
- Dedication
- About the author
- Foreword
- Preface
- Chapter 1: The concept of a trust
- Chapter 2: Modern family trusts
- Chapter 3: Advantages
- Chapter 4: Disadvantages
- Chapter 5: Types of trustee
- Chapter 6: The trustee
- Chapter 7: The trust deed
- Chapter 8: Discretionary trusts
- Chapter 9: Unitised family trusts
- Chapter 10: Administrative aspects
- Chapter 11: Investment principles
- Chapter 12: Investment categories
- Chapter 13: Income tax
- Chapter 14: Capital gains tax
- Chapter 15: The taxation of discretionary trusts
- Chapter 16: The taxation of unitised trusts
- Chapter 17: Other tax issues
- Chapter 18: Social security
- Chapter 19: Alternatives to family trusts
- Chapter 20: Trusts for children with a disability
- Chapter 21: Estate planning
- Chapter 22: Family issues
- Chapter 23: Some further thoughts
- Chapter 24: The goods and services tax
- Chapter 25: Charities and philanthropic trusts
- Chapter 26: Winding up a trust
- Chapter 27: The abandoned tax changes
- Chapter 28: Selected questions and answers
- Chapter 29: Miscellaneous
- Appendix A: Outline of a simple inter vivos trust
- Appendix B: Wills and trusts compared and contrasted
- Appendix C: Model resolution for trust distributions
- Appendix D: Marginal income tax rates for 2007â08
- Appendix E: Average rates of tax 2007â08
- Appendix F: Ralph got it wrong
- Appendix G: Differences between trust deeds and powers of attorney
- Appendix H: Numbers of trusts
- Appendix I: Numerical examples
- Appendix J: Useful internet links
- Appendix K: The Financial Services Reform. Act 2001
- Appendix L: Further information
- Glossary
- Index