How officials are swooping on family trusts

By Ruth Laugesen In Current Affairs, Money, Politics

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A year ago, when the Government axed gift duty, it appeared to open the door to the fast and easy transfer of family assets into trusts for those seeking refuge from creditors and rest home asset testing. In the past, moving a family home and other possessions into a trust was a slow business of drip-feeding assets to avoid gift duty. With the rule change, assets could be transferred in one hit. But those hoping it would become easier to squirrel away capital for the next generation without having it hollowed out by rest home bills are in for a nasty surprise. In fact, the change to gift ...

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