Sadler Oakly Newman has had a long professional background in trust and company administration.
Trusts
We recommend the use of a team approach (solicitor and chartered accountant) to the process of trust formation, asset transfers and general establishment issues and gifting as part of your asset planning plan.
We can assist with ongoing administration issues for trusts by acting as trustees (where we have a client professional relationship of greater than two years) and manage your gifting, annual accounts and income tax return preparation, deeds of acknowledgement of debt, manage and monitor your trustee minutes to reflect the requirements of the trust deed, the trustee act and ensure that the roles and responsibilities of trustees.
The following comments relate generally to discretionary family trusts. They are intended to be by way of introductory comment only. Any person considering setting up a trust should seek specific specialist legal advice. A Family Trust can be used to good effect to achieve a number of purposes including:
- protecting the long term interests of yourself, your spouse and your children
- removing assets from the scope of family protection or testamentary promise actions
- protecting your assets against claims by future creditors and predators
- protecting your assets against matrimonial property claims including the interests of your children against claims by their spouses
- and incidentally
- possibly maximising the benefits that can be obtained from Work and Income New Zealand
- possibly obtaining other tax benefits including avoidance of the impact of some form of capital gains tax or other replacement for estate duty
- enabling greater income tax deduction of charitable gifts
Companies
Creating a corporate environment to trade in has many benefits but the process under the company is incorporated is established through the Companies Act and must be followed with attention to detail to avoid penalties under that act or establishing a position that unwittingly creates and income tax issues.
Company administration and record keeping is a specialised area of corporate ownership. We recommend that clients use us as the registered office, address for service and communication and that we manage the annual return filing, personal property register issues, appropriate director and shareholder resolutions, monitoring of constitutional issues, dividend declarations and resolutions
