Our no-nonsense planner Maurice Patane answers David’s question of how one goes about moving the family home into a family trust in retirement.
Q. David
I am wondering how one goes about moving the family home into a family trust. We have four children and would like to move the family home into a family trust. Are you allowed to do this once you are in retirement?
A.
There are no age restrictions on setting up a family trust. So it would be possible to set one up, even if you are retired, and transfer the family home into it.
Family trusts are used for a variety of reasons, including protection of vulnerable beneficiaries, estate planning and tax planning. However, before you do such a thing, it is important to seek advice from a qualified professional.
It may be possible to achieve your intentions in a more effective manner through other simpler strategies. Alternatively, it may be that a family trust may not be the solution to your particular problem. That’s where the help of a financial planner could assist you with your options.
