Trusts

Family Trusts and Trading Trusts have become very popular. That’s because they can provide a lot of benefits if you own property or a business. For example, tax minimisation, creditor protection and protection in respect of property claims. Later in life, they can help you obtain asset tested subsidies like rest home subsidies.

Things to think about
The first question is, what do you hope to gain from setting up a trust? If you’re not sure, it may pay to do a bit of reading. There are a number of very good books on the subject, and you don’t have to be a lawyer to follow them.

You can also talk to us. Trusts aren’t right for everyone, and we’ll tell you if we think you don’t need one. And if you do, we’ll help you set it up in the way that works best for you and your family.

It’s very important to get things right from the start. Setting up a trust isn’t normally hard. Undoing what you’ve set up, or changing it, can be.

How can we help
We can help you decide what type of trust (if any) is best for you. We can set it up for you and arrange the transfer of assets to your trust and ongoing administration.

Costs
Around $1,200 - $1,500 including GST and disbursements.

Legal Resources:

Business Warrant of Fitness
Is your business healthy? do you have the right structure to trade efficiently and profitably? This article has useful tips for business owners.

Buying a Business
Some of the issues that need to be considered when you are buying a business are discussed below.

Inheritance Laws
Inheritance law, or (who gets what when you die), has changed dramatically in recent times. The most significant change has been the introduction of the Property (Relationships) Act 1976 (“PRA”) which came into force on 1 February 2002. The PRA amends the law regarding property division between couples. Read more to see how you may be affected!

The importance of a simple Will.
You should review your will when major events happen in your life. For example, the birth of children, the death of close relatives or other major changes in circumstances such as buying a new home, or transferring property to a trust etc.

Trusts and Relationship Property

What is a Bequest?
A Bequest can help your favourite charity. Charities and not-for profit organisations can benefit enormously from bequests – a gift in your will can make a real difference to the work that they perform in your community.

Why do you need a Will and a Power of Attorney?
What if you become mentally incapable and can’t look after yourself or make decisions about your own affairs? Who can make decisions about your welfare, deal with your property, operate your bank accounts or pay your bills?

Subscribe to our quarterly e-newsletter

 
The LawWorks team is proud to have served the Auckland gay community for over 20 years