This article will be building on Part 1 of this series, which discussed the type of assets that you hold in trust will vary depending on your needs and requirements. In addition to conventional trust assets, such as bank accounts and investment portfolios, you can also transfer other assets into a trust:
• Your practice premises or other commercial or residential real estate;
• Art, motor vehicles, aircraft or yachts;
• Separate closely held interests in other family business ventures;
• Funds for your family’s philanthropic plans and objectives; or
• Interests in publicly listed or private companies or other trusts.
I also mentioned that trust relationships have developed to become one of the most widespread ways, depending on your needs and circumstances, to secure many benefits, including:
• Controlling how your income and capital (wealth) is distributed;
• Planning for and mitigating against excessive taxation;
• Protecting your business and investment assets;
• Flexibility in planning for changes in your circumstances;
• Retirement and financial freedom; and
• Estate planning.