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SMSF Deeds and Automatic Trustee Removal.
A good SMSF trust deed might include terms to automatically remove a trustee should they become insolvent / enter liquidation / receivership / bankruptcy.
Banks providing Limited Recourse Borrowing Arrangements might take issue with this and request removal of these terms from the trust deed.
In the absence of an automatic removal of trustee clause, a liquidator/trustee in bankruptcy assumes the powers of the trustee, including the power to sell assets. This completely undermines the asset protection provided by the trust structure, which is after all one of principle reasons for their use.
Keep this in mind when you review your trust deed or if someone asks you to change it to remove these terms. #SMSF ... See MoreSee Less
8 months ago
Best time to get financial advice is when you are young. Setting goals early and understanding the time value of money allows for greater room to reach financial goals throughout your life. Makes a HUGE difference.
If your 18-25 the education costs a whole lot less than you make or save. In fact no cost unless you decide to take advantage of something. ... See MoreSee Less