Lawsuits are a serious business
They soak up time, energy, and hard-earned cash. And they can ruin your life both financially and personally. If you think it’ll never happen to you, think again! Australia is now one of the most litigious countries in the world. Businesses and hard-working families are being sued for anything and everything.
A trust can safeguard your business and personal assets
Trusts can put your assets beyond a creditor’s reach, whether a claim comes from a malpractice case, an accident on your property, or bankruptcy. A trust can even spare your beneficiaries from future
lawsuits and family breakdowns.
What’s at risk if I’m sued?
If you lose a lawsuit, every asset in your name including your family home, your business, your investments, and your entire life savings are all at risk of being seized. Even if you win a lawsuit, you still lose money from legal costs incurred defending yourself. These expenses are generally not reimbursed.
Build a barrier between litigators and your assets
A trust is a legal arrangement where assets are held by a person or company, referred to as a trustee, for the benefit of others, such as you, your family, or your business.
The legal title of your assets are held by the trustee, but all of the beneficial interests of those assets including income and capital still belong to you, your family, or your business.
This means that if you were successfully sued, only assets held in your name would be at risk. Assets held by the trust would be out of reach because the legal title of those assets are held with the trustee, not you.
In addition to asset protection, trusts also provide significant tax-saving and wealth-creation benefits.
Learn more about trusts and asset protection.
Schedule a time to talk to a Tax Effective Trust and Asset Protection Specialist who can help you:
- Better understand all of your personal and
business risks. - Safeguard your personal and business assets from lawsuits and creditors.
- Create agreements that protect your personal assets from family breakdowns, business partners, and their estate.
- Legally reduce taxes by distributing income to beneficiaries and bucket companies at lower tax rates.
- Pass your assets to future generations without any tax or stamp duty consequences.
- Discourage creditors and legal opponents from pursuing you, your business, and any assets passed down to future generations.
Don’t wait until it’s too late.
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Contact a Tax Effective specialist to discuss your personal financial and business goals, and how we can help you reach them.
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