Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we discuss the complexities of owning assets in a trust and offer guidance on when it might be beneficial. We address a common question about whether to buy assets individually or through a trust, weighing the pros and cons of each approach. We emphasize that trusts can provide a layer of protection for assets, particularly for business owners concerned about creditors. However, we clarify that trusts are not “bulletproof,” especially when it comes to family court proceedings in cases of relationship breakdowns. We also outline different types of trusts, like unit trusts and discretionary family trusts, and explain when each might be more appropriate depending on factors like flexibility and who holds the assets.
Get clarity on whether a trust is right for you and gain insights into safeguarding your assets effectively. Listen now to make informed decisions about your financial future!o
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
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Weighing pros and cons of owning assets in a trust versus individually
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Benefits of asset protection and tax flexibility with trusts
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Limitations of trusts in family court or in scenarios involving relationship breakdowns
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Cost and complexity considerations for setting up and maintaining a trust
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Importance of personalized advice for individual circumstances
