14: Trusts 101: Everything Business Owners Must Know

Do trusts confuse you? Are you unsure of the differences between discretionary and fixed unit trusts? As a business owner, understanding how to best leverage trusts can save you significant money through tax efficiency and asset protection. However, trusts are complex structures that often leave entrepreneurs scratching their heads.In this episode of the Smarten Up! The Tax and Business Podcast, you’ll learn:What is a trust and key parties involved (0:54)Discretionary vs fixed/unit trusts explained (3:34)How discretionary trusts work (8:41)Responsibilities as a trustee or appointor (13:34)How fixed/unit trusts work (15:43)Pros and cons of discretionary and fixed/unit trusts (19:34)Examples of trusts in business structures (21:53)Even if you currently use trusts in your business structure or have no plans to, this episode delivers value by bolstering your knowledge. The ability to intelligently discuss trusts with legal and financial advisors lends itself to making optimal decisions for your company's growth.CONNECT WITH SALLY PRESTONWebsite: http://www.smartsolutionstax.com.au/Facebook: https://www.facebook.com/SmartSolutionsTaxInstagram: https://www.instagram.com/smartsolutionsau/Smarten Up - The Tax and Business Podcast Facebook: https://www.facebook.com/profile.php?id=61555018481517Smarten Up - The Tax and Business Podcast Instagram: https://www.instagram.com/smarten_up_podcast/LinkedIn: https://www.linkedin.com/company/smart-solutions-tax-and-business-advisory/