My accountant has been advising me to do this as well (4 years...

  1. 170 Posts.
    My accountant has been advising me to do this as well (4 years or so).
    I am involved in farming, so there is a risk exposure (to accidents, legal action etc -we have already been subject to intense legal proceedings within the family) for which a corporate trust structure provides protection, as liability is limited to the trust itself, not trustees or persons. Also provides protection for assets from 'rogue in laws' if a marriage breaks down etc. Need to think of these things these days, particularly for asset rich (income poor) pursuits as farming.
    I haven't done this yet, but I have tried to reduce my exposure to risks all the same. I am interested to know your progress with this strategy, so please feel free to post any thoughts/outcomes.
    I wish I knew more and can provide direction to help. I will ask the accountant (a big firm) for advice when I meet in the next few weeks and update you with anything relevant.
    Hang in there, it will get better eventually
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.