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Trusts

A significant number of family and other trusts characterise the provincial business landscape. While trusts aren't for everyone, in the provincial community they play a vital role in wealth and inheritance protection. That's why we've placed so much emphasis on ensuring our trust-based expertise is right where it needs to be, so we can give our clients the very best of advice.

Trusts can be complicated vehicles to understand, and the legislative framework they operate within is currently changing and evolving at a rapid pace. So, whether you have existing structures in place or not, it's important to understand the impact your current situation has on your wealth or potential inheritance. What worked twenty, ten or even two years ago, may not be working at all well now.

There are four key benefits from having the right trust structures in place:

Asset protection

The right trust structure will ensure your assets are protected from unwarranted claims, broken relationships or partnerships, or business failures.

Asset and means testing

The right trust structure and correct administration can maximise your efficiency around asset and means testing.

Inheritance Protection

A well designed trust will ensure assets acquired across a lifetime are protected for the future generations of your family and not put at risk from subsequent matrimonial and business dealings.

Tax Benefits

There are many ways a well structured trust can create tax benefits.

There are also two main dangers with existing trusts.

A Sham Trust

This is where it is proven the trust was structured or utilised for an illegitimate reason, or the structure has not been set up correctly.

Personal liability

Trustees can be held personally liable for the debts of the Trust if it is designed incorrectly, or be liable for a failure to discharge their duties as a trustee.

Our Trust Review Service will help assess your position, your current trust, and your role as a trustee. We can also advise if you should consider establishing a trust for the future.

Contact us for a free initial consultation to talk about your current position or to learn more about our Trust advisory services.