ACCOUNTING FOR TRUSTS

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ACCOUNTING FOR TRUSTS
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Protecting your assets for your family and your future


A trust is a legal way to hold and protect your assets for you and your family for the future (e.g. investments or property). The assets will be owned by the trust rather than by a person, and they are managed by trustees (e.g. a family member, a lawyer, or an accountant) for the beneficiaries (usually family members).

Trusts are excellent vehicles to put aside money for a certain purpose, for debt protection, to keep family property within the family, and to possibly avoid future relationship property claims.

If a trust is not set up or managed well, there can be considerable inconvenience and cost. As well, trusts may be considered “sham” trusts if the IRD or the Court deems the assets are not really the trust’s, but are yours.

Miller Johnson has years of experience working with family and charitable trusts, as well as acting as trustee. We can help you understand your responsibilities when setting up or maintaining a trust, as well as advising your accounting obligations. We work together with you and your lawyer to achieve the best outcome for you.

We can assist with:

  • Advice on the best kind of trust for you
  • Forming a trust
  • Preparing trust financial reports and tax returns
  • Administering a trust and preparing trust minutes
  • Acting as a trustee
  • Advice on gifting
  • Monitoring your investments and assets, and advising on income distribution
Contact Miller Johnson now for your FREE initial consultation

HAVE YOU THOUGHT OF:

  • Do you know the reason why you want a trust?
  • Are you clear on who are the settlor, trustees and beneficiaries?
  • Have you budgeted for the start-up costs, accountancy and legal fees?
  • Are you going to manage the trust yourself, or have it managed?
  • Do you know what you want to gift or transfer into the trust?
  • Do you have a current will specifying who will be trustee after your death?
  • What impact will a new relationship have on your assets?
  • Do you have a “memorandum of directions” so that the trust maybe administered in accordance with your wishes if you are incapacitated or die?
  • Have you made sure your trust is flexible, allowing for the addition and removal of beneficiaries?