Discretionary Trusts and Family Trusts

Teece Hodgson & Wards expertise in trusts is evidenced in our contingent of Accredited Specialists, the largest cohort of such experience in private practice in NSW.

Estate planning involves more than just consideration of future events such as death or incapacity. For many business people and professionals, clear advantages are to be gained by structuring their business or investment affairs through an appropriate trust structure.

Family trusts can be used to:

• minimise income tax
• share income between family members and investment vehicles
• hold assets independently of ‘at risk’ individuals
• minimise risks of having assets exposed to claims by creditors.

A family trust is a form of discretionary trust under which assets are held in the name of a trustee for the benefit of a group of beneficiaries, usually comprising the immediate and extended family of key individuals.

While the trustee can be one or more individuals, we normally recommend having a company as trustee, to avoid continuity issues which may arise should an individual trustee die or become bankrupt.

Care needs to be taken in documenting and administering family trusts so they meet revenue and trust law requirements. Your accountant should be able to advise about the suitability of a family trust for you.

Family trusts can be subject to claims under family law and bankruptcy law. We dependably advise you on the structure of a family trust and implications of using a trust based on your particular circumstances.

To enlist the support of Teece Hodgson & Ward experts and specialists, please contact:

Richard Neal

Deborah Linwood

John Maitland

Lynn Beeston

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