For the past 30 years, creating and preserving wealth has followed a predictable pattern. But things have shifted, perhaps irrevocably.
to shoot the breeze these days, it’s not the footy finals or the US presidential election that dominate the conversation. The hottest topic is how people are prepping the family wealth for the next global disaster.
The formula for wealth creation and preservation in Australia has followed a predictable pattern that includes spreading your wealth across a mix of discretionary trusts and a self-managed super fund, and buy as much property as you can get your hands on.
Against this backdrop, many wealthy families whose balance sheets are now viewed as massively overweight in Australian property, are looking to diversify, not only their asset classes but also the location of the family wealth to ensure access from multiple vantage points.This emerging trend is providing offshore wealth advisers and private bankers with a once-in-a-generation opportunity to make a comeback.
That said, the establishment of offshore structures is not for the faint-hearted, because it still raises several Australian income tax and integrity provisions that need to be carefully considered, not the least of which are the foreign trust and company income attribution rules.
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