6 Answers

Does anyone have any experience with family trusts? Does it help with sharing family wealth with kids? Does it help with property investment?

But how about the ongoing cost of maintaining family trust?

Posted by Jack, 17th February 2015

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  • I believe that there are tax benefits but unless you have a lot of assets I don’t think it’s worth it. Have a chat to your accountant and see if it’s suitable for your situation

  • I set up a trust fund for my first baby. When I started it, they told me it would take a year or 2 to wrap any rewards, but would be well worth it. 3 1/2 years later, still no significant increase, so it was cancelled and cashed in. Money was then put into a high interest account

  • great question. I have always wondered about this.

  • I wouldn’t have a clue.. Maybe you could just set up trust funds for each child?

  • Nightmare, you need a lawyer, an accountant, annual reports, annual tax returns, we had one for a commercial property as we have the yours, mine and ours children, however we were offered a great deal to sell the property, there were benefits taxation wise to sell it, however this was our only benefit and really if I worked out the set up costs, ongoing costs and savings then I probably lost. Unless you have a lot of property or intend to buy a lot, I would not bother but speak to an accountant regarding your own situation, our experience is that the only person that wins is the accountant, they love them, as it is a license to print money!!

  • I would get professional financial / legal advice before setting it up. I am not sure what the taxation ramifications of it are. Is it linked to a business or personal only? Your Bank Manager may know some of the rules. It may also depend of the ages of the children.
    I sincerely hope you make the right decision.

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