A correctly set up and managed trust is the ideal structure for protecting property, managing assets and allowing individuals to undertake a higher risk occupation or business venture with certainty that those assets will not be put at risk. In the right circumstances a trust can also be effective for tax planning.
Utilising an independent professional trustee such as an accountant ensures the trustees act in accordance with the Trust Act and fulfill their legal obligations. This inclusion makes your trust robust and difficult for anyone to question its legitimacy.
Maintaining a trust requires a personal service that we can offer. We can tailor expert advice around asset protection, estate planning, and taxation to suit your trust.
Very few families succeed in transitioning wealth beyond a generation or two. In 2002, Roy Williams of The Williams Group published the results of a 25-year survey of 3250 instances of generational wealth transfer. He concluded that 70% of those transitions failed, where failure was defined as an involuntary loss of control of assets.
Why do trusts fail?
The largest cause of trust failure is due to a breakdown of family communication and trust. The lack of trust almost guarantees the failure of wealth transition. This may be the hardest to address as it requires a commitment from the entire family.
As the family changes so does the dynamics. Interest and opinions shift overtime, new members join the family through marriages or exit through divorce.
A trusted advisor can facilitate family interaction, provide an independent perspective and provoke conversations that the family should have, or simply offer an insight into the family dynamics.
How can we help?
- Develop a family mission
- Philanthropic initiatives
- Enhance values
- Help establish open and honest communication
- Tailored expert advice
- Succession planning
- Assist with Governance
Our ultimate objective as a trusted advisor is to help clients preserve and grow their wealth over more than a single generation.
We offer this service as a gateway opportunity for assurance that your trust is meeting its full potential and abiding by the new regulations brought in with the Trusts Act 2019.