Have a look at most businesspeople and you’ll find a trust or two in their structure. Trusts in one form or another have been used for eons, primarily to hold and protect assets and pass on wealth to successive generations.
Trusts can be likened to insurance policies, providing asset protection against creditors and relationship claims so long as certain conditions are met. Those conditions include adhering to the Trusts Act 2019 and other relevant legislative provisions. Understanding the law however and what trustees must do can be confusing. Despite this, failure on a trustees part to satisfy their duties can result in loss of asset protection as well as them incurring personal liability.
In addition to the Trusts Act , amendments have been made to the Income Tax Act and the Tax Administration Act resulting in greater trustee duties and increased scrutiny by IRD and the Courts. In particular, trustees must now report certain information to IRD annually. Trustees also have other annual obligations. If called upon, trustees must demonstrate they have satisfied adequately these legislative obligations which have been put in place to ensure trustees are following the law and operating trusts as they should be.
To help trustees in this pursuit, we have acquired a limited number of Trusts 123 books written by Janet Xuccoa.
Trusts 123 is a practical guide, written in plain English, filled with examples. The fundamentals of trusts, their use, management and administration are covered in everyday language, helping readers gain the knowledge they need to ensure the trust they’re responsible for is run well.
Specifically, the book covers:
If you have a trust, don’t blindly assume your Accountant or Lawyer is administering the trust properly. If they have not been specifically instructed and charged with this role, it’s unlikely the work required is being done. Far better to purchase yourself an early Christmas present or failing that, a New Year’s gift.
Buy Trusts 123 at a discounted price of $25.00 including GST plus postage within New Zealand. Check for yourself if you’re satisfying your annual trustee duties and if your trust is compliant. It could be one of the smallest investments you make which provide the largest return.
Contact Greenlion directly to place your discounted purchase order.
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