澳洲Australia property How do I pass on my assets to my children


在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo


I'm a average salary worker.  

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s050399b said: ↑
I'm a average salary worker.Click to expand...
First of all you are not average - you are unique - just like the rest of us :p

s050399b said: ↑
How do I pass on my assets to my children with minimum cost?Click to expand...
That is partially the wrong Q to be asking. What you mean to ask is, How do I make sure that the assets I have go to the children I want it to go to and not to their partners? or to another family I did not intend?

Answer: testamentary trust  

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Google 3rd Generation & Bloodline Trusts  

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No no, I don't really care how my children will get robbed by their partners. I just want to pass it to them without them/me to pay CGT or stamp duty or stuffs.  

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Rixter said: ↑
Google 3rd Generation & Bloodline TrustsClick to expand...
bloodline is a trade mark owned by:
http://www.legalresourceclub.com.au/online_documents/discretionary_trust
?  

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s050399b said: ↑
bloodline is a trade mark?
http://www.legalresourceclub.com.au/online_documents/discretionary_trustClick to expand...
Its the name of a trust for estate planning purposes. As the name suggests assets pass down bloodline and protected from others outside the bloodline.  

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Propertunity said: ↑
That is partially the wrong Q to be asking. What you mean to ask is, How do I make sure that the assets I have go to the children I want it to go to and not to their partners? or to another family I did not intend?

Answer: testamentary trustClick to expand...


does testamentary trust exempt my future generations from paying CGT/stamp duties when they take control over my assets?  

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let me rephrase it; if I were to pass on with a will saying that my children will received all my assets, do they need to pay anything to assign it to their name?  

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s050399b said: ↑
let me rephrase it; if I were to pass on with a will saying that my children will received all my assets, do they need to pay anything to assign it to their name?Click to expand...
Yes if your will is not set up correctly your kids or who ever else are the beneficiary's will have to pay CGT / Stamp Duty of the inheritance received.

I strongly suggest you run your situation past your chosen professional to discuss what options you have available. By asking here on a public forum you will never find a definitive answer.

I hope this helps.  

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Are your assets in your personal name currently or in a trust?  

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Personal name  

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I always though that minimizing CGT / Stamp Duty, and blood line thingy when passing assets to children would be on top of every investors minds.

Why would it need be unique? Same setup every time?  

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s050399b said: ↑
I always though that minimizing CGT / Stamp Duty, and blood line thingy when passing assets to children would be on top of every investors minds.

Why would it need be unique? Same setup every time?Click to expand...
No its not.....everyones different  

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Depends on a lot of things, such as the age of your children when you die (which becomes more important the older you were when they were born), the age of your partner, how you want to split the assets between your partner and children, whether your partner and/or children are financially competent (if not, maybe a third party trustee?), etc.

It's not just about stamp duty and CGT. The testamentary trust, for example, may allow minors to receive distributions at adult tax rates. Minors usually have very high tax rates, and it would be a huge difference to say distribute 50k of income to a minor (aged 1) for 17 years and have it taxed as an adult, compared to paying minor tax rates.  

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Just different types of incoming?
hmmmmmm, I think I will take up this course to find out more myself:

http://www.kaplanprofessional.edu.a.../SubjectOutlines/Hbk10_FIN214-SO-1-online.pdf  

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alexlee said: ↑
Depends on a lot of things, such as the age of your children when you die (which becomes more important the older you were when they were born), the age of your partner, how you want to split the assets between your partner and children, whether your partner and/or children are financially competent (if not, maybe a third party trustee?), etc.Click to expand...
but we wouldn't know when we would move on........in my simple mind, I was thinking of putting the assets in the container, and no1 can touch it, and probably run it using a set of rules, release control to children when they are 30 years old with a family.




alexlee said: ↑
It's not just about stamp duty and CGT. The testamentary trust, for example, may allow minors to receive distributions at adult tax rates. Minors usually have very high tax rates, and it would be a huge difference to say distribute 50k of income to a minor (aged 1) for 17 years and have it taxed as an adult, compared to paying minor tax rates.Click to expand...
hmmmm, okay, so I should see an estate planning services? Could you recommend one?  

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s050399b said: ↑
but we wouldn't know when we would move on........in my simple mind, I was thinking of putting the assets in the container, and no1 can touch it, and probably run it using a set of rules, release control to children when they are 30 years old with a family.Click to expand...
No, we don't. That's why you try to put in something that has as much flexibility as possible. A testamentary trust can be flexible. e.g. you state that if your children are minors at the time of your death, you designate a certain person to be trustee of the trust. If your kids are adults by then, you can just designate them to be trustees. But then, you have to ask, do you want a separate trust for each of your kids? Which trust gets which assets?

What you're suggesting isn't simple. You would need to put the assets in trust with a third party to administer it. Who would you choose? A family member or friend? What if they die before your kids turn 30? A lawyer or accountant? What are they to do if, say, your kid is financially inept when they turn 30? What rules does the trustee follow to manage your assets? Do they just sit collecting rent, or try to grow the assets? Who gets the income from the trust in the meantime? What about if they're bankrupt? Are there circumstances where you might want them to access the money before they're 30, say for education, a wedding, etc? How do you split the assets? One property each to your kids? If you have more than one kid, one kid will hit 30 first. Sell everything and split the cash? These are all questions you have to think about.

s050399b said: ↑
hmmmm, okay, so I should see an estate planning services? Could you recommend one?Click to expand...
A lawyer who specialises in this sort of thing, I would imagine. I'm sure someone can make recommendations.  

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What Alex said :).

One more comment from me. I wouldn't suggest putting all your assets into a container and handing over the running to your children when they turn 30.

What if they turn you into the street? What if you have a falling out after you hand over control of "your" assets? :eek:

My parents have been seeing a chap at RetireInvest who has been fantastic. I don't know if we were lucky to get him, but he has more knowledge stuffed in his head than I have had hot dinners.  

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