We got a lot of enquiries about whether we should set up a family trust to avoid my personal tax, some clients are under PAYG withholding employment arrangement. I always said not everyone suitable to set up a family trust, all depends on individuals’ situations. Today, I would like to write some general information related to this topic.
What is family trust?
Family trust is a common type of trust used to hold assets or run a family business. A family trust is an inter vivo discretionary trust which means it is established by someone during their lifetime to manage certain assets or investments and support beneficiaries, such as family members.
The advantages of trusts. Why do people want to establish trusts?
Claire Chang