Splitting or cloning a family trust is now common place. However, many people come to us in tears because of a failed trust split. A trust split is often needed where, for example, you have a Family Trust with a factory and some shares. You want the factory to go to your daughter and the shares to go to your son. Being stuck in the same Family Trust is no fun for the children. This is because they have to hold hands to do anything. The simple thing is to split the trust. If done correctly, this has no stamp duty or CGT implications. You end up with two stand alone trusts. Each child and their own families are free to pursue the future without the other sibling getting in the way.
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