General Medical issues thread

[prozac]

My brother lives in the house and yes we will get legal advice before we do anything.

Need to sort dad out first. He is suffering.

I am not qualified to give advice...however something I am looking at is a testamentary trust. You put all assets into the trust but it is not activated until you die. The advantages are keeping the assets safe from say daughter's future husband in event of divorce. Also enables any assets sales to be more tax-effective as children can be used to share the tax burden as the low income amount (currently $18k odd) would be used for them as if they were adults, instead of tax from $0.01 applied if a minor. I am told it will cost around $6k to set up including wills etc.. Talk to your tax planner.

 

[Freq Flier 2013]

I am not qualified to give advice...however something I am looking at is a testimentary trust. You put all assets into the trust but it is not activated until you die. The advantages are keeping the assets safe from say daughter's future husband in event of divorce. Also enables any assets sales to be more tax-effective as children can be used to share the tax burden as the low income amount (currently $18k odd) would be used for them as if they were adults, instead of tax from $0.01 applied if a minor. I am told it will cost around $6k to set up including wills etc.. Talk to your tax planner.

We have done the same.

 

[tgh]

A testamentary trust is conceptually useful and we are so structured, however there are a lot of prickles …caveat emptor...