SETTING UP A SPECIAL TRUST FOR A LOVED ONE
Do you have a loved one who has a mental or physical impairment/disability who you wish to assist now or upon your demise?
We can recommend a special trust that could be established now or via your Estate Plan, that would provide benefits to your loved one for their current and/or future needs.
The assets within this particular trust structure would be exempt (up to a threshold of $700,250) for means testing by Centrelink against any entitlement your loved one may have to a Disability Support Pension, which is very advantageous.
In addition, funds gifted into these special trusts would not fall under the normal Centrelink/DVA gifting or deprivation provisions up to a maximum threshold of $500,000, meaning family members could gift cash or transfer existing assets, up to this value, and immediately write off funds against their own Centrelink entitlements.
Please contact us today so we can discuss this with you further.