A common asset protection strategy is the use of a trust.
Family businesses often use discretionary (family) trusts or unit trusts as legal mechanisms for protecting their assets from potential court claims and for wealth distribution for tax purposes.
However, trusts can also be used as a means of attempting to protect a party's assets from a property settlement claim in the event of separation.
The Family Courts are increasingly looking behind corporate structures such as trusts and companies and they have the power to deem assets and income as a 'financial resource' of a paticular partner.
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