Trusts
We are a specialist trust practice. Trusts are amongst the most effective and widely used means of protecting assets and Estate planning. The link below provides an overview of how trusts work. Trusts are only one of a number of asset planning tools and are not always the best solution. In conjunction with your accountant or tax advisor we carry out a complete review of your particular circumstances. We then prepare documentation to implement the best solution for you. It will typically include the establishment of a trust, ancillary documentation to effect the transfer of assets to the trust and the structuring of a gifting programme.
How could a Trust be relevant to you?
- Retirement Planning and Family Provision
Isolate your investments (and your home) and let them accumulate. A Trust is a very useful structure for this.
- Spreading of Income Amongst the Family
(We are familiar with changes to Income Tax Law relating to distribution from Trusts to minors - persons aged 16 years and under). It remains very relevant.
- Asset Protection
This is a very important area and of special relevance to those who are in business on their own account and those in a second marriage or long term partnership and indeed those contemplating marriage. We are familiar with the provisions of the Property (Relationships) Act which came into force on 1 February 2002. You can contract out of the provisions of this legislation which largely equated the property rights of married couples and de facto partners. Establishing a Trust may be just what is needed to protect both of you.
- Achieving Testamentary Wishes
How do you wish your estate to be dealt with? You will not want to see it attacked. A Trust can help.
- Matrimonial and Relationship Property
This is of particular relevance to your children. If they are married or in a relationship, you may wish to protect any inheritance they may receive from you to ensure that it does not become relationship property in their hands. A Trust is a very useful mechanism for this.
- Protection from User Pays Charges
A Trust is sometimes bandied about as a way of ensuring you will be able to obtain a subsidy from the State to cover your rest home charges but do not be misled. It is by no means certain. We are able to advise you of how best to approach this particular issue.
If you would like to discuss the possible benefits of a trust please feel free to contact Rod Gillespie or James Young. Our Trust clients come from all over New Zealand and several are New Zealanders now living abroad. Through the use of Adobe Acrobat (PDFs) we are able to forward execution quality documents by email wherever you may be.
Feature Articles