I intend to purchase 200 acres of rural residential property within two years. Hopefully, the family will sell it off in 20 acre lots in 10 – 15 years.
My idea is to register Ltd Company to our discretionary trust- holding seven-way membership – 10% self, 20% each for my son and daughter and 12.5% each for 4 X grandchildren.
What is the best advice you can give (tax and future for leaving set up for family)? My date of birth is 7.09.37.
Answer:
This sounds like a passive land holding that will not conduct business.
If you want to be certain that each child/grandchild will receive their designated share of the eventual proceeds, it sounds like a company trustee for a unit trust may be necessary.