Читать книгу 101 Ways to Save Money on Your Tax - Legally! 2022-2023 - Adrian Raftery - Страница 97

If you are worried about certain family members ‘blowing’ all of the assets that you worked hard accumulating over the years, the creation of a trust will give you a bit more peace of mind.

Trusts are ideal for those beneficiaries who are hopeless with money, suffer from drug addiction, have long-term health problems or are likely to experience a relationship breakdown in the future. Essentially, family assets can be protected from ‘creditors and predators’.

The two main types of trusts used by families are:

 Discretionary trusts. These are often set up either to hold property and investments on behalf of family members or to operate a business.

 Testamentary trusts. These are created via a clause in the ‘testament’ (or will) of an individual, but don't get established until after the individual dies.

A testamentary trust is an indirect way of managing your family's wealth after your death. While you obviously won't be around to oversee the management of the trust itself, you will have some comfort knowing that your loved ones will be looked after financially and not savaged by the ATO.