Family Trust

Family Trust Lawyers Melbourne: Navigating Your Path to Financial Security with Cohen Lawyers

Family trusts are a valuable tool for individuals and families looking to protect and manage their assets while optimising tax benefits. However, before delving into the specifics, let’s address some crucial questions related to family trusts in Australia.

Here are some FAQ’s:

1. How much does a family trust cost in Australia?

The cost of establishing a family trust in Australia can vary based on several factors, including the complexity of the trust and legal fees. Typically, you can expect to pay anywhere from $1,000 to $3,000 for setting up a basic family trust. It’s essential to consult with a qualified family trust lawyer at Cohen Lawyers in Melbourne to get an accurate estimate tailored to your specific circumstances.

2. How do I transfer assets to a family trust in Australia?

Transferring assets to a family trust involves a legal process that should be overseen by a knowledgeable family trust lawyer. This process includes:

  • Identifying Assets: Determine which assets you want to transfer to the trust.
  • Consulting with a Lawyer: Seek guidance from a family trust lawyer at Cohen Lawyers who can help you draft a trust deed and provide advice on the transfer process.
  • Legal Documentation: Prepare the necessary legal documents, including a trust deed and transfer documentation.
  • Transfer of Ownership: Complete the transfer by changing the ownership of assets to the trust.

A family trust lawyer at Cohen Lawyers in Melbourne will ensure that this process adheres to all legal requirements.

3. What happens to assets in a family trust?

Assets placed in a family trust are held for the benefit of specific beneficiaries, such as family members. The trust operates independently, allowing the assets to be managed and invested for the beneficiaries’ benefit. This separation from personal ownership can protect against creditors and legal disputes.

4. How much tax does a family trust pay in Australia?

Family trusts in Australia are tax-effective structures. They do not pay tax at the trust level; instead, the income generated by the trust is distributed to beneficiaries, who are then taxed individually based on their own tax rates. This flexibility allows for income splitting among family members, potentially resulting in significant tax savings.

5. Can I take money out of my family trust?

Yes, as the trustee of a family trust, you can take money out of the trust, provided it is done in accordance with the trust’s deed and legal requirements. Consult with your family trust lawyer at Cohen Lawyers to ensure compliance and understand the tax implications of these distributions.

6. Can a beneficiary withdraw from a family trust?

In most cases, beneficiaries cannot unilaterally withdraw from a family trust. However, the trust deed may specify conditions for beneficiaries to receive distributions. Consult your family trust lawyer at Cohen Lawyers to understand the terms of your trust and any options available.

Will a family trust protect my assets?

A family trust can provide a level of protection for your assets. However, it’s essential to understand that the extent of protection depends on various factors, including the legal structure of the trust, how it’s established, and the specific laws in your jurisdiction.
Here are some ways in which a family trust can protect your assets:

Creditor Protection: Placing assets in a family trust can shield them from certain creditors. If you face personal financial difficulties or legal disputes, the assets held in the trust may be less vulnerable to claims from creditors seeking repayment.

Divorce Protection: In the event of a divorce, assets held in a family trust may be considered separate property and, in some cases, may not be subject to division as part of the marital estate. However, this can vary depending on your jurisdiction and the specific circumstances of the divorce.

Estate Planning: A family trust can be a valuable tool for estate planning. It allows you to designate beneficiaries who will inherit your assets according to your wishes, potentially reducing the likelihood of disputes among heirs.

Tax Efficiency: Family trusts can offer tax benefits by allowing for income splitting among family members, potentially reducing overall tax liabilities.
Privacy: Trusts can provide a level of privacy, as the details of trust assets and beneficiaries are typically not part of the public record.

It’s important to note that while family trusts offer these advantages, they also come with legal responsibilities and requirements. It’s crucial to work with an experienced family trust lawyer to ensure that your trust is set up correctly and complies with all relevant laws. Additionally, the effectiveness of asset protection may vary depending on the specific circumstances and the legal framework in your jurisdiction.

Trust Our Expertise in Family Trusts in Melbourne

Navigating the world of family trusts in Australia requires expertise and legal insight. Our team of dedicated family trust lawyers at Cohen Lawyers in Melbourne is here to guide you every step of the way. Whether you’re considering establishing a family trust, transferring assets, or managing ongoing trust affairs, we have the knowledge and experience to ensure your financial security and compliance with Australian laws.

Don’t hesitate to contact our Melbourne-based family trust lawyers at Cohen Lawyers for personalised assistance tailored to your unique circumstances. Contact us today to take the first step towards securing your family’s financial future with a well-structured family trust.

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