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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I need to close my family trust. it is stopping us getting

Customer Question

i need to close my family trust. it is stopping us getting our full pension as it has to much showing on the books $500.to$ 600 hundred thousand but is unable to be paid back to us as there is no money or assets . how can we close it down
Submitted: 9 months ago.
Category: Australia Law
Customer: replied 9 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Video Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Leon replied 9 months ago.

Good Morning.

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise but a guide to assist you.

Who are the beneficiaries of the trust?

Customer: replied 9 months ago.
THANKS Leon for your reply, I will get back latter with the details Ted
Expert:  Leon replied 9 months ago.

ok Ted

Customer: replied 9 months ago.
thanks for your reply , "the primary beneficiaries " are my wife and i . we need to close trust as its stopping us getting a full pension. If we are able or clear the paper money showing as being owed to us or close the trust . also could we go bankrupt . or is there any other way we can clear the money owing to us . instead of getting a full pension we get about 1/3rd of it . we have a letter from our accountant to say the trust will never be able to repay any money to us .
Expert:  Leon replied 9 months ago.

If you close the trust then you and your wife will have to receive the money and it will be in your account.

You may then lose the whole pension.

You have to look at the trust and change the way the money si to be distributed to change this.

Was it set up by an accountant?

Customer: replied 9 months ago.
was done done by a firm of solicitors . should i ring u Ted
Expert:  Leon replied 9 months ago.

I am overseas Ted

It is hard to call.

Do you have an accountant that deals with the trust and does the audit and taxes?