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Costs and concepts of family trusts
But there is a cost. Firstly, there is the cost of setting up the trust. Then there are on-going costs, such as managing the gifting process and completing annual accounts, if required.
What is less well understood is that trusts can be busted. You need to understand three important concepts:
Like all major financial decisions, family trusts should be considered, and not undertaken lightly. Please seek advice from your legal adviser as to whether a family trust may be appropriate for your circumstances.
A book we recommend to help in understanding this topic is Family Trusts, A New Zealand Guide, by Martin Hawes.