Increasingly, family trusts are being set up to protect assets from potential creditors, to preserve assets for future generations and to minimise the impact of personal wealth on rest home subsidies. There may also be tax advantages.
At JMV we will review the complete picture of your business and personal interests to determine the most effective structuring to create creditor protection and to minimise tax liability. Generally, the family trust is an important tool in this restructuring.
We will discuss the advantages and disadvantages of a family trust and where it fits into your particular needs. We work closely with a number of legal firms on the North Shore, and we can introduce you to one of these firms and coordinate the preparation and signing of your trust deed, memorandum of wishes, power of appointments and wills.
Once assets have been transferred into your family trust we will prepare the gifting documentation to forgive the debt to your trust which further protects the asset. We will prepare the yearly financial accounts and hold regular trustees meetings to discuss the investment strategy in place and to assist with administering the trust.
We have our own trustee services company which acts as the independent trustee for approximately two hundred trusts. The company is available for your service.
Please contact David Stacey or Grant Johnston if you would like to discuss any of the above in more detail.