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About Product
One of the most important things for any crypto investor is to provide asset protection and minimise taxation with the distribution of taxable income and capital to a family member, bucket company or a range of beneficiaries as allowed under the deed. In addition, many crypto exchanges do not recognise a trust. The Crypto Trust enables a nominee or agent to be appointed to deal with exchanges on behalf of the Crypto Trust - CT. This is the world’s first crypto and digital assets trust.
► $129.00 (inc GST) - OR provided under your unlimited membership
► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.
General Information
The CT is a discretionary trust that accords with Bamford decision and focuses on the succession of appointors upon death, divorce, dementia or bankruptcy. It is subject to the Rule against Perpetuities and will last 80 years unless it is governed by South Australian law.
Benefits
- Asset Protection
- Wide-ranging income streaming for taxation purposes including streaming of crypto gains to specific family members or a bucket company
- Tailored discretionary trust for crypto and other digital assets such as non-fungible tokens and even assets within the Metaverse
- Where a trust is not accepted for dealing with crypto and digital assets, the Trustee can appoint, with limits a Crypto nominee or agent
Frequently Asked Legal Questions
Why use the LightYear Docs Crypto Trust?
At this time there is no other discretionary trust in the world specifically built for crypto and other digital assets. To invest directly in crypto and digital assets means there is no asset protection and any litigation against the owner, for any reason puts the crypto and digital assets in the firing line/ The CT protects crypto and digital wealth. Likewise, any gains on crypto or digital assets are all taxed in the name of the individual, which can prove expensive. The CT enables the gains to be shared amongst family beneficiaries and companies to keep tax at a minimum.
Can my existing Discretionary Trust be upgraded to a LightYear Docs Crypto Trust?
Yes it can be changed and without a resettlement if completed correctly. You may want to have Abbott & Mourly Lawyers review any upgrade or complete it for you. Contact athira@abbottmourly.com.au to discuss your crypto needs.
How long does this document take to assemble?
Depending on the complexity of the data, this document should take approximately 30-50 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .
Is this document a legal document?
All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.
What lawyers sign off on the LightYear Docs documents?
All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.
Are the LightYear Docs documents reviewed regularly?
All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.
Can I get a sample of this document?
Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.
Stamping and Lodgement of Trusts
The fees and stamping requirements for establishing a trust deed vary throughout Australia, and the duty payable also varies depending on the type of property that is held by the trust. Please contact our partners at Eventum Optimum (EO) on info@eventumoptimum.com.au for more information on when stamping is required (in what jurisdictions) and the fees/duties payable. EO are able to provide this service to you.