A young professional couple in a major city wished to purchase a new home and keep their current home as a rental property. Finance was from two grandparents' trusts, two parents' trusts, the husband's trust, and a bank loan. Tax efficiency was important, as was relationship property issues, given that the family contribution came from the husband's parents and grandparents.
Carlile Dowling's Involvement
Working with the couple, their bank, and the husband's parents and grandparents we:
- Developed, documented, and implemented the family funding strategies, including distributions from the grandparents' trusts to the husband, a gift by husband to his trust, distributions from parents' trusts to husband's trust, and a loan from husband's trust to the couple.
- Assisted the couple to set up an investment trust and sell their home to it.
- Attended on bank loans, mortgages, guarantees and insurance requirements.
- Advised on the effects of sudden changes to tax law on investment properties that occurred mid-project and adjusted the ownership structure accordingly.
- Conveyed the purchase of the new home, including negotiating settlement date changes, and resolving issues about vendor warranties.
- Drafted and advised on a relationship property agreement.
- Drafted new Wills for the couple.