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Unravelling trusts: splitting, cloning and umbrella trusts

Published on 01 Jul 17 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The need for effective structuring of business and personal assets has been brought into sharp focus for high net worth individuals and business over recent years. The benefits of family trusts are generally still sufficient to make them the preferred structure for asset protection, tax planning and succession purposes. However, the capital gains tax and commercial issues raised in the context of umbrella trusts, trust cloning and trust splitting are significant, and care should be taken when restructuring and establishing discretionary trusts. The author argues that, in this regard, the optimal approach is to methodically follow a tailored checklist. This article provides a starting point for the development of such a list.

Author profile

Matthew Burgess CTA
Photo of author, Matthew BURGESS Matthew co-founded specialist firm View Legal in 2014, having been a lawyer and partner of one of Australia’s leading independent law firms for over 17 years. Matthew’s passion is helping clients successfully achieve their goals. Matthew specialises in tax, and estate and succession planning, providing strategic advice to business owners and high net worth individuals. He has been recognised in the Best Lawyers list since 2014 in relation to trusts and estates and either personally or as part of View Legal in Doyles since 2015 in relation to taxation, and since 2017 in relation to wills, estates and succession planning. In part leveraging off the skills he has developed working in the SME market space, Matthew has been the catalyst for a number of innovative legal solutions for advisers and their clients, including establishing Australia’s first virtual law firm. - Current at 13 August 2018
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