Have you ever thought about establishing a family trust? Trusts provide significant benefits in terms of protecting property, so they’re an important tool for succession planning.
Under the right circumstances they can also provide valuable tax benefits. But as with anything, you need to know what you’re doing to get the most out of them.
Family trusts have become relatively common in New Zealand and we regularly assist our clients with their establishment and management. Some of their most frequent questions centre around the following areas:
- How does a trust work?
- Should I form one?
- What are the benefits?
- Is the trust that I have still valid?
The legislation surrounding trusts and trust funds continues to change so it’s important to stay up-to-date and make sure you receive effective advice. Bennetts Proactive provides comprehensive support and advice at every stage of your trust’s life cycle.
Establishing a Family Trust
We can assist you right from the beginning by:
- Determining whether the establishment of a trust is the right solution for you
- Helping you to fully understand how a trust works and its implications
- Managing the transfer to control to the trustees
We can also support you with trust administration and the full range of tax and accounting services for the trust as well as for the beneficiaries.
Managing the Trust
Once established, we can manage the compilation of financial reports for the trust – either monthly, quarterly or annually, depending on your requirements. This helps to ensure that:
- Trustees make decisions based on accurate and timely information
- The Trust meets its reporting obligations under the Trust deed and Trustee Act
- Tax returns are filed and tax obligations are met.
We can also assist with Trust administration to streamline the process and allow you to keep you focus on running your business.
Bennetts Proactive currently act for a number of Maori Trusts in the Bay of Plenty. This experience and expertise can assist you with:
- Preparation of financial statements
- Specialist tax advice pertaining to Maori Authorities
- Auditing of annual financial statements
- Preparation of management accounts and key performance indicators
- Administrative services
- Attendance at trustee meetings and owner meetings
- Financial and investment advice
- Preparation of business and strategic plans