46. Terry Waugh - Structuring (Investing through a trust/company/personal name)
Today I’m speaking with Terry Waugh who you may know as Terry W from his online legal and tax tips. Terry is admitted as both a solicitor and barrister to the Supreme Court of NSW as well as the High Court of Australia and holds specialist qualifications as a Chartered Tax Adviser. He operates as a lawyer specialising in tax, estate planning, asset protection, and trusts for property and share investors.
Some of the topics in today’s episode include:
- What structuring options do investors have when owning or controlling assets - specifically property and shares? (05:22)
- Land tax - when is it relevant to property investors? (08:34)
- Do many people invest through a company and what are the benefits of doing so? (10:43)
- What trust structures work best for property and share investors? (13:40)
- What is a trust, how do they work and how do investors benefit from trust structures? (15:44)
- What are discretionary trusts and why are they so commonly used? (19:05)
- What are the main pros and cons of using a trust structure and when does it make sense to use one? (20:49)
- How does a trust structure protect your assets? (25:20)
- How do distributions work when investing through a trust? (27:10)
- Who can pay money into a trust and how does that work? (29:42)
- When does it make financial sense to set up a trust? (34:38)
- How much do trusts cost to set up and to keep running? (35:34)
- What is a bucket company and why would anyone use it? (36:14)
- Terryw’s Tax Tip #14 - Never park money in a loan - why avoiding mixed purpose loans is so important. (40:09)
- How to set up and execute a debt recycling strategy in 2021. (42:54)
- Are testamentary discretionary trusts a good option for preserving wealth for your kids? (47:49)
- Why Terry thinks that a testamentary discretionary trust is the ultimate structure. (50:00)
- Buying an investment property through a company structure. (54:06)
- Protecting your own assets when entering a new personal relationship. (55:34)
- Who is the best person to see for investment structuring advice - a lawyer, accountant or financial adviser? (01:00:12)
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