Why do I need to trust
- Do you have savings, investments, or a business
- Own assets(I.e. a house and a rental property)
- Or if you have children
I'll put the scenario to you, you and your wife have children, own your own home with some debt attached to it, Your ultimate aim is to provide for your children now and as they grow up. Unfortunately you suffer from a terminal illness and you pass away, leaving your wife and children to carry on without you. After a while your wife remarries, her new husband has children of his own, she brings to the relationship the kids, the family home plus a small amount of debt. Your wife and children now live happily within the new relationship until another left field event happens and your wife gets sick and passes away. Her new partner continues to bring up your children along with his own family. He remarries a new partner and brings your children and his children into a new relationship. The original assets have now been intermingled into the current relationship and there is no segregation of the asset's for your children.
If you had formed a family trust and had put your assets into trust for your children, Trustees appointed having the best interest of your children at heart, the assets would have been kept safe for the use of the children while they grew up.
This scenario sounds frightening but it so often happens. Give me a call if you want to discuss this scenario further.
Time to visit your accountant again?
- Do they provide an agreed fee upfront?
- Do they provide a reasonably priced accounting system for you to use?
- Are they able to agreed on a time when your books are completed?
If these are some of the some of the things that are bugging you with your current Accountant visit our web site or give me a ring on 563-6965
Keep an eye out for April’s article!
TAX DATES TO REMEMBER
- 7th April 2016 - 2015 Terminal Tax Payment date …..
- 20th April 2016 - monthly employers PAYE payment…
- 28th April 2016 - Bi monthly GST Return for Feb/Mar 2016…
Posted on Fri, 1 April 2016
by Shawn O'Grady