Get the free Guide for Discretionary (Family) Trust

Guide for Discretionary (Family) Trust Overview A Family Trust (also called a Discretionary Trust) is one of the most common small business structures in Australia. Unlike, say a Unit Trust, you establish

How to fill out guide for discretionary family

How to fill out a guide for discretionary family:

1. Start by gathering all the necessary information about the discretionary family. This may include their names, ages, relationships to each other, and any specific needs or preferences they may have.
2. Identify the goals and objectives of the discretionary family. Whether it is financial planning, estate planning, or investment strategies, understanding their specific needs will help tailor the guide accordingly.
3. Provide a comprehensive overview of discretionary options available to the family. This may include discretionary trusts, discretionary funds, or other forms of discretionary investment vehicles.
4. Explain the process and requirements for setting up a discretionary trust or fund, if applicable. Include information on legal documentation, taxation considerations, and any other relevant regulations.
5. Outline the benefits and potential risks associated with discretionary family arrangements. This can include tax advantages, asset protection, flexibility in decision-making, but also potential implications on inheritance or potential conflicts within the family.
6. Provide guidance on managing the discretionary funds or trusts, including investment strategies, regular reviews, and monitoring performance.
7. Offer advice on involving professional advisors, such as financial planners or lawyers, to ensure compliance with legal requirements and optimize the discretionary setup for the family's unique circumstances.
8. Include additional resources or references for further information, such as books, websites, or contact details of professionals specializing in discretionary family matters.

Who needs a guide for discretionary family?

1. High-net-worth individuals who aim to structure their family's assets and financial affairs in a tax-efficient and flexible manner.
2. Families looking to protect their assets and provide for future generations while maintaining a level of control or decision-making authority.
3. Individuals or families who seek estate planning strategies that offer more flexibility and discretion in the distribution of assets.
4. Wealthy families who wish to establish investment vehicles to support philanthropic or charitable causes.
5. Business owners or entrepreneurs who want to separate their personal assets from their business assets, providing added protection and flexibility.

Remember, it is always recommended to consult with a qualified professional to ensure the guide is tailored to the specific needs and circumstances of the discretionary family.

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