
Originally Posted by
Justloadit
Could the Trust not pay salaries, which would reduce the profits the trust makes?
The PAYE based on their age would be reduced, so they would get the best of both worlds.
IMHO, there are considerable advantages, even at this late stage.
- The Sole Prop, with respect to rental income, could sell the business to the Trust, The Trust could then pay them "a Fee" for use of the property to generate business.
- They could cede their assets to the Trust in their will, which would protect the remaining spouse, although there will be tax payed to transfer the property over, but this is the best at this stage.
I would suggest visiting a good Trust attorney, and see what they could offer to cover the current situation.
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