16 Nov Why do I need a trust?
Outlined below are a number of reasons why implementing a trust structure could possibly be of benefit to you and your family:
1. Protection of core family assets for present and future generations (this has been the traditional use of family trusts and should be the prime consideration when any trust is established).
2. Protection from business creditors (separation of core family assets such as the family home from business risks).
3. Protection of particular beneficiaries (example, children with special needs, educational trusts).
4. Protection from matrimonial property claims and de facto claims.
5. Protection against possible income tax consequences and future taxes.
6. Protection against the likely consequences of inflation.
7. Incidental benefits in relation to means testing and rest home subsidies.
Trusts are an invaluable asset protection tool and mechanism for preserving one’s weath.
Please contact Ian Mellett at Quay Law for more information, or if you have any further questions on Trusts and Asset Planning.
Ian Mellett BComm LLB H Dip Tax is a Barrister and Solicitor at Quay Law in Remuera, Auckland. Quay Law 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 law. Phone number (09) 523-2408.