15 Jan A Benefit of a Family Trust | Protection of assets for future generations.
Protection of inheritance – A benefit of a family trust.
With the headlines in the local newspaper over the weekend (January 2014) reading as follows – “Desperate Investments – Parents buy homes for pre-schoolers“, it is prudent that these property investments are protected for the future generation. Would you not want to ensure that your children and not their partners, keep their inheritances?
Protection of core family assets for present and future generations has always been the traditional use of family trusts and should be the prime consideration when any trust is established.
However when acquiring a proposed asset (such as a property) to be held by a trust, it is important that you make provision for the trust to purchase the property at the onset. You are able to do this by stipulating that the property is to be purchased by yourself “and / or nominee”.
The benefit of a family trust is the invaluable asset protection tool and mechanism for preserving one’s weath..
To find our more about the benefits of a family trust, please contact an Auckland lawyer to arrange your detailed and personalised Quay Law trust presentation, our trust lawyers shall cover any key questions (including pros and cons) you may have in relation to trusts and asset planning in more detail.
Ian Mellett BComm LLB H Dip Tax is a Barrister and Solicitor at Quay Law in Remuera, Auckland. This Auckland law firm provides services in Wills and Estate administration, Estate Planning, Trusts and Asset Protection, Relationship Property, as well as Conveyancing, Commercial, Immigration and other areas of New Zealand law.