Monday, October 25, 2010

Trust set up

Today on http://www.propertyinvesting.com/ i got recommended an accountant so sent him a quick email and set up a meeting for monday next week.  I told him i was looking to set up a company trustee discretionary trust and can i meet to discuss and possibly set this up.
Some things to note that i will be specifically requesting about the deed will be.
No beneficiaries be personally named except myself, my business partner and the clause "each corporation of which a Beneficiary is a director and owns at least one share (alone or with another person)"
Extra beneficiaries will be listed by their relation, such as daughter of beneficiary xxxx etc.  This will save me amending the deed at a later date, and will also stop lenders requesting all listed beneficiaries to sign the deed of trust, and also limit the banks requesting personal guarantees from the beneficiaries.  I am double checking this atm.


Also i specifically do not want wife of xxxx to be listed, as this could clash with prenups and stuff at a later date.
But apart from those i want a standard discretionary trust that will allow me and my business partner as directors of the company listed as trustee to distribute earnings as we see fit, at the moment with the current tax situation  if our personal earnings are above 80,000 each then money will be directed to the company as beneficiary to cap our tax rate at 30%.


So if all goes well then i should have all this set up by next week and i can then contact mortgage brokers etc, with a clear understanding of my investing structure and see what my options are!!  it's getting exciting!


also next month i will be attending 3-4 property seminars they are quite fun,  but i am only attending so many because of their low to no cost.... i do not believe i would ever pay more then 50 dollars for any sort of seminar.

3 comments:

  1. Just popping in to say hi, I found you on the property investing forum. We have a couple of investment properties, and are trying to find a way to get our 3rd. I've just finished reading Steve McKnights book 'From 0 To 130 Properties In 3.5 Years' and a couple of other good investment books.
    I'm looking forward to following your blog.

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  2. Heya, I also found you on the property investing forum and would like to start up a bit of a 'investing/developing' blogging community. Come and check out my new blog at http://propertyperspective.blogspot.com/

    So far loving yours!

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  3. Hi,

    I followed you link from the propertyinvesting.com website and would like to say good luck with your investing!!

    I would have to say though that I disagree with your comment about not paying more than $50 for a seminar. Good information is priceless and I would happily pay $500 or so for a seminar or a bunch of books if I am going to be investing hundreds of thousands (or even millions!!) of dollars in real estate. But that's just my opinion of course!!

    Cheers,
    Luke

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