Family trusts can be a powerful and versatile estate planning tool. They are a legal structure that allows assets to be held and managed for the benefit of family members or other beneficiaries.
One of the significant benefits of a family trust is the potential for tax minimisation and asset protection. Through careful distribution of income and capital gains, a family trust can help reduce the overall tax liability for beneficiaries.
Family trusts also provide a level of asset protection, as the assets held within the trust are separate from the personal assets of the beneficiaries. This can help safeguard family wealth from potential creditors or legal claims.
Moreover, family trusts can facilitate efficient succession planning, ensuring that assets are passed on to future generations in a controlled and tax-effective manner.
A family trust can be established for various purposes, such as managing investments, operating a family business, or providing for the ongoing needs of beneficiaries.
Geelong Legal can assist you in setting up and managing a family trust tailored to your unique circumstances and goals. Our Geelong lawyers can discuss the benefits of family trusts and how they can support your family’s financial security and wealth management.