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trust/foundation
Just alittle confused about which route to take, so any pointers appreciated. i know theres a few nuances etc but my comprehension was that main diff between trust and foundation is that a trust is for holding assets…foundation more for offering community services.
but if a foundation can accept donations and payments for services in precious metals/digital assets and if it is allowed to purchase property..eg office space for foundation to be run out of or house for prinicpal to live in, then how is that not holding assets?
my original plan was to place assets into a trust and then from that donate into my private foundation. now i am thinking maybe i just need a foundation only?
any pointers appreciated….its a bit tricky searching on web and getting any comprehensive answers, so any help will be welcomed. many thanks..obviously i am talking about private trusts/foundations.
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This discussion was modified 1 year, 12 months ago by
risingsun.
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This discussion was modified 1 year, 12 months ago by
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6 Replies
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Dear Morag…thank you so much for the links….really appreciate it…….😀
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I have set up both, My take on it after conversing with Peter Duff is, a Foundation can not hold titles or certificates, Mark also mentions this, There are 2 foundations he offers that are non reg, one is family foundation, and the other is more suited for regular trading with other folks maybe. Both of these can transact and supply services in the private, for the benefit of the community it serves, but i think they can only transact in currency. I have allocations of metals but only for trusts (not foundation) on an bullion exchange in a (personal) account. As I am trustee for the trust I can move or invest or sell on behalf of the trust. (own nothing but control everything). these assets are written into the minutes of the trust fund. as the owner of the asset, even though they are on an exchange. Where did you read that a foundation can receive or hold PMs etc? You probably could accept physical gold and silver into foundation privately (not from an organization unless you paid cash and picked them up with a certificate) but if they are in your possession, who other than beneficiaries needs to know? You just write it into the minutes, and stash it under a rock. :0 With respect to moving between trust and foundation, Its completely private, its just documented in minutes and transferred (currency bank to bank) although Peter D told me to make your Foundation a beneficiary of the trust, Im not sure thats completely necessary as all of it is in the private anyway and the less links between your different buckets the better. My opinion only, I could be corrected on some of this info. still learning.
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hello cherax thanks foir reply… i hear you and am going to go set up both too i think. at least once they are set up they can be tweaked and fine tuned along the way.
re PMs i just happen to find an old “know yr rights” booklet lying in under some other books and started reading the section on foundations again. amongst other things it says that a private foundation doesnt have to open a bank a/c it can invoice entities and be paid in cash/gold/digital…whatever it chooses…..thats where i got that from. also, as mentioned if foundation can hold property…say office space or living quarters for principals…is that not an asset.
anyway, thanks again…me too, still learning!…cheers
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That is interesting, I had not come across that info in the KYR material.
I have just got a message back from Coinspot. which sounds promising.
Thank you for reaching out.
If the trust does not have an ABN or an ACN, you will be able to bypass this. By selecting the sub account type of ‘trust’ when creating the business account, this will allow you to bypass providing an ABN/ACN as we understand not all trusts have an ABN associated. Should you require any further assistance or have any further questions, please do not hesitate to contact us.which sounds promising.
Kind Regards,-
thanks…as always, appreciate it
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