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You are advising James Williams, a client that wants to set up a trust for the benefit of his two daughters. He plans to transfer
You are advising James Williams, a client that wants to set up a trust for the benefit of his two daughters. He plans to transfer AUD 50,000 and one of the two houses he owns to form the trust property. James operates a sole trader business which he intends to continue even after the creation of the trust. He understands the risk his business posses to the protection of his personal assests. His two daughters also operate a software development business in the form of partnership. Therefore, in setting up the trust, James wants to make sure the trust property enjoys asset protection. Which one of the following decisions by James will defeat the goal of asset protection? O Where James appoints one of the beneficiary daughters to serve as trustee. O Where James decides to create a fixed trust O Where James appoints himself as the trustee. O All of the above
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