A Discretionary Family Trust is the trust structure that Germein Reed clients most commonly seek advice on. Generally speaking, these Trusts are used either to hold assets or as trading entities for a business.
Benefits of having Discretionary Family Trusts include:
- Protection of assets from bankruptcy
- Protection of vulnerable beneficiaries
- Flexibility for tax purposes
- Ease of succession
- Minimisation of capital gains tax and stamp duty on the transfer of control of the assets in the trust.
Testamentary Trusts, which are trusts established within Wills, also provide these benefits plus additional benefits such as greater tax concessions for beneficiaries under the age of 18 years who receive income from the trust.
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