This practical book will help families to decide whether to set up a family trust, to understand the advantages and disadvantages of this useful legal concept and to discuss the issues more intelligently with their professional advisers. Investment aspects and the taxation and social security rules affecting trusts and their beneficiaries are covered.

This third edition has been greatly expanded and updated to reflect the current tax regime. The book now also includes new chapters on the winding-up of trusts and on charities and philanthropic foundations.

Also added for the first time are selected questions asked by persons involved with family trusts and comprehensive answers to these. These real life case studies will help to flesh out this important subject.

The book discusses trust deeds and the roles of the settlor and the trustee. It examines discretionary trusts and unitised trusts and it analyses the principal alternatives to family trusts.

Even if a trust starts off in a fairly small way it could grow over time to handle quite large sums. Getting things right in the first place is thus clearly most important. This comprehensive work will assist Australian families to create wealth by arranging their financial affairs in better ways, taking into account current conditions and their own particular circumstances.

The important question "Can anything go wrong?" is dealt with. Other topical subjects explored are the use of trusts for children with an intellectual disability and for the protection of assets against creditors.

A Glossary, some numerical examples and a detailed Index are included. Patricia Feilman provided the Foreword.

344 pages   9780731401239   RRP $A29.95

BOOK REVIEW of the first edition
from Personal Investment, January/February 1998

Industry insiders claim there are more than a million family trusts in Australia. Quite a substantial figure, reflecting the power of informed financial planning.

There's no doubt establishing a trust can be time-consuming and requires a strong measure of understanding, even if the ongoing administration is left to a trustee.

Renton is renowned for his knowledge of the finance industry. His foray into the world of family trusts is extensive.

Sub-titled A plain English guide for Australian families of average means, the book outlines key principles of establishing a trust without being weighed down too greatly in the complexities of tax and administration.

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CONTENTS

About the Author
Foreword by Patricia E Feilman
Preface

Chapter 01 The Concept of a Trust
Chapter 02 Modern Family Trusts
Chapter 03 Advantages
Chapter 04 Disadvantages
Chapter 05 Types of Trustee
Chapter 06 The Trustee
Chapter 07 The Trust Deed
Chapter 08 Discretionary Trusts
Chapter 09 Unitised Family Trusts
Chapter 10 Administrative Aspects
Chapter 11 Investment Principles
Chapter 12 Investment Categories
Chapter 13 Income Tax
Chapter 14 Capital Gains Tax
Chapter 15 The Taxation of Discretionary Trusts
Chapter 16 The Taxation of Unitised Trusts
Chapter 17 Other Tax Issues
Chapter 18 Social Security
Chapter 19 Alternatives to Family Trusts
Chapter 20 Trusts for Children with a Disability
Chapter 21 Estate Planning
Chapter 22 Family Issues
Chapter 23 Some Further Thoughts
Chapter 24 The Goods and Services Tax
Chapter 25 Charities and Philanthropic Trusts
Chapter 26 Winding up a Trust
Chapter 27 The Abandoned Tax Changes
Chapter 28 Selected Questions and Answers
Chapter 29 Miscellaneous

Appendix A Outline of a Simple Inter Vivos Trust
Appendix B Wills and Trusts Compared And Contrasted
Appendix C Model Resolution for Trust Distributions
Appendix D Marginal Income Tax Rates
Appendix E Numerical Examples
Appendix F Ralph got it Wrong
Appendix G Differences between Trust Deeds and Powers of Attorney
Appendix H Numbers of Trusts
Appendix I Useful Internet Links
Appendix J Further Information