Advise Andrew and Patricia in relation to trusts and superannuation based on the following information: These clients are well informed and are seeking rational outline of advice relating to: a) the nature of a trust and its advantages and disadvantages. b) the basic characteristics of three different types of trust. c) any special trust/s that may suit their personal circumstances. d) types of superannuation fund and their advantages and disadvantages. e) the best way for them to accumulate superannuation in their circumstances. f) legal protections for superannuation in Australia. Andrew is 45 and his wife Patricia Reeves is 34. They approach you (as their accountant) to recommend investment structures for their retirement and specifically for their children. They have been married for 10 years and have two children. Rodger, aged ten, attends a school for severely autistic children and Sarah, aged three, attends a child care centre two days a week. They own their fully-furnished home worth $900,000 in joint names as joint tenants. They currently have some $350,000 in cash in a bank account (in joint names) and have been paying personal taxes on the interest earned. Andrew was previously self-employed as a finance broker and is good with figures. He has no accumulated superannuation. He concentrated on paying off the mortgage on their house. He is now a house husband with a part time job earning $15,000 per annum. He expects to do this for the foreseeable future. They do not intend to move.Document title: Assessment 2 Version 1.0 Page 5 of 8 Resource ID: FNSTPB503/504/505 Patricia works as an advertising executive and earns approximately $180,000 per annum. She graduated from University at 24 and has been working full time since then for various private advertising companies. Her current employment is relatively secure and she has good prospects. She currently has $120,000 invested in an industry super fund. She does not salary sacrifice and her only contributions are compulsory employer contributions. Andrew and Patricia have no Wills. They own two recent models of medium sized cars that will fulfil their family requirements for the next five years. Andrew and Patricia are fit and healthy and have private medical and health insurance but no life insurance. Andrew and Patricia have no debt. They want to know what a trust is; how one is set up; their structure and legal characteristics; ongoing requirements; the types of trust they could establish; the advantages and disadvantages of such trusts and how they (ie trusts structures) may best be used to provide for their children. They also want to know how they can best accumulate superannuation for their own retirement. Students should refer to the following link relating to Special Disability Trusts ATO Disabilities Trusts (Accessed 6 September 2018) and must provide a compulsory bibliography displaying evidence of research of up- to- date relevant statute law or cases or textbooks or articles.