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Private trust and taxes on car, house, etc…
I just finished reading Weiss’s Concise Trustee Handbook and I’m a bit confused. There’s written that everything should be kept private, but the government can become a 3rd party of the trust if they have a vested interest. I assume that paying taxes creates a vested interest.
If I buy a house as a trustee, there’re multiple taxes (and sometimes VAT) involved. From what I understood, the trustee is seen as a legal person and not a man under common law. In this case all taxes are to be paid, no possibility to escape it. (except via the promissory note trick)
Once the assets are transferred to the trust, it should be announced to the gov. Will they suddenly pull away their hands and stop sending tax letters because it is a private trust?
Is there also a way to avoid that the trustee pays taxes on acquired goods? For example VAT (here in Europe) seems to be the most difficult one since it is paid to the seller and I can imagine it would be really hard to claim back that money from the government. Since the trust is a private entity also the trust won’t be able to claim anything back in my opinion.
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