Home Forums Other discussions Setting up a family Trust Fund

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  • #999988
    In a rush
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    • Total posts: 1

    After a lot of years I find that a discretionary trust fund may solve a problem with asset protection being the main aim. However, I would like to know how, if possible to transfer ownership of real estate that is owned but mortgaged by a bank.
    Any firsthand knowledge would be great.

    #1222192
    bb1
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    • Total posts: 4,472
    In a rush, post: 268417, member: 116952 wrote:
    After a lot of years I find that a discretionary trust fund may solve a problem with asset protection being the main aim. However, I would like to know how, if possible to transfer ownership of real estate that is owned but mortgaged by a bank.
    Any firsthand knowledge would be great.

    Pay some $’s and talk to an accountant.

    #1222193
    Greg_M
    Member
    • Total posts: 1,691
    In a rush, post: 268417, member: 116952 wrote:
    After a lot of years I find that a discretionary trust fund may solve a problem with asset protection being the main aim. However, I would like to know how, if possible to transfer ownership of real estate that is owned but mortgaged by a bank.
    Any firsthand knowledge would be great.

    I have used a discretionary trust for quite a few years, but not to hold real estate assets directly, but indirectly it does protect assets.

    Being a legal entity in it’s own right a couple of things occur to me (as a non accountant or lawyer).

    You don’t actually own it if you have a mortgage and your bank might be a bit cranky about transferring ownership.

    I reckon you’d have to pay all the on costs like stamp duty to do it.

    You might get what you want with just the trust in place.

    #1222194
    Paul – FS Concierge
    Moderator
    • Total posts: 3,117

    You would probably find better advice on a Property Forum. That is where I read that you would need to pay Stamp Duty on the transfer of ownership.

    #1222195
    bb1
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    • Total posts: 4,472
    Paul – FS Concierge, post: 268421, member: 78928 wrote:
    You would probably find better advice on a Property Forum. .

    You would most likely get better advise from an accountant who could ask you the 200 questions which are relevant to a situation such as this, based on the info provided there are many uncertainties.

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