Trusts can offer tax benefits by distributing income across multiple beneficiaries, potentially lowering the overall tax liability, especially when assets are split among family members. While there are multiple types of trusts, each has unique features and applications.  Ricky Caldow and Mitch McKeown, Directors at the Bongiorno Group, explain how trusts are valuable for long-term estate planning, helping to pass on wealth and assets to future generations in a structured manner while avoiding potential probate delays. In this first of two-part episode, they focus on business trusts, which can hold the assets and generate income for a business, such as a GP practice, by charging service or management fees. The Money Doctors is proudly brought to you by leading financial services organisation the Bongiorno Group, the preferred tax and accounting partner for the Australian Medical Association Victoria and the Australian Dental Association Victorian Branch. For more information, please call 03 9863 3111 or visit https://bongiorno.com.au/  This general advice has been prepared without taking account of your objectives, financial situation or needs. You should consider the appropriateness of this advice before acting on it. If this general advice relates to acquiring a financial product, you should obtain a Product Disclosure Statement before deciding to acquire the product. See omnystudio.com/listener for privacy information.