https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Fri, 08 May 2026 07:30:15 +0000 Wed, 14 Jan 2009 06:47:12 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 12.05 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=23720 https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586527&title=family-trusts-and-property#586527 Author: flakesitchyfeet
Subject: 23720
Posted: 14 January 2009 at 6:47am

Not sure how to set one up, but I am incredibly grateful for DH's family trust, as it has helped get us into our first home. We lease the land from it for $1 a year, and we can build on that land. The trust also protects the businesses etc.

Its very worthwhile if you have the need for it :)]]> Wed, 14 Jan 2009 06:47:12 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586527&title=family-trusts-and-property#586527 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586491&title=family-trusts-and-property#586491 Author: ginger
Subject: 23720
Posted: 13 January 2009 at 10:27pm

An LAQC for your rental property is likely the way to go - you'll need a lawyer to set up the company and an accountant to process the annual accounts, but it means you can write things off etc and if everything is geared properly it should save you money. The thing to check though is what it will cost you to set it up - it can be a LOT of money as you'll need to regear your mortgages (usually cross guarantees are required), 'sell' the rental to the company ... all sorts and it all requires paperwork - inches and inches of it. Your legal fees, depending on your solicitor, would run to thousands ($5,000-$7,000 I would guestimate) and there are claw back issues to investigate as well. DH and I went the rental route with an LAQC a few years back, but I tried to stay really uninvolved in that side of things (even though I'm the one that works for a conveyancing lawyer!) and leave it up to the accountant to sort out, so I can make the suggestion and that's about it.

Trusts - you can gift $27,000 per year per person, and DH and I have a Trust with only 2 trustees - the third trustee is usually a 'protection' thing, and is also usually a professional such as a laywer or an accountant. I'd stay away from the Public Trust - you can usually kick a rugby ball through the holes in their docs.]]> Tue, 13 Jan 2009 22:27:01 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586491&title=family-trusts-and-property#586491 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586284&title=family-trusts-and-property#586284 Author: busymum
Subject: 23720
Posted: 13 January 2009 at 8:12pm

Sorry I don't know. Lawyers can set them up but you'll need an accountant to answer your question.]]> Tue, 13 Jan 2009 20:12:45 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586284&title=family-trusts-and-property#586284 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586235&title=family-trusts-and-property#586235 Author: Danaj
Subject: 23720
Posted: 13 January 2009 at 7:44pm

Family trusts are generally to protect assests. They can also assist if a relationship breaks up and the partner who is not in the family is entitiled to take half. There are rules around this but it's pretty much a protection thing. I think it can also help in the event that you and DH both die. ]]> Tue, 13 Jan 2009 19:44:48 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586235&title=family-trusts-and-property#586235 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586221&title=family-trusts-and-property#586221 Author: linda
Subject: 23720
Posted: 13 January 2009 at 7:36pm

We have a family trust. DH is a lawyer and set ours up a couple of years ago. For us, the main reason was I owned a business so by setting up the family trust it protected our assests. It doesn't save us any money, rather we have to pay a fee every year for 'administration'. DH said it really depends on where you are at so it is best to discuss with someone who specialises in trusts.]]> Tue, 13 Jan 2009 19:36:27 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586221&title=family-trusts-and-property#586221 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586188&title=family-trusts-and-property#586188 Author: Red
Subject: 23720
Posted: 13 January 2009 at 7:12pm

If you want to set up a trust, better to start sooner rather than later as you can only gift $27K a year into it as far as I am aware.]]> Tue, 13 Jan 2009 19:12:02 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586188&title=family-trusts-and-property#586188 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586177&title=family-trusts-and-property#586177 Author: Emily281
Subject: 23720
Posted: 13 January 2009 at 7:01pm

Hi arohanui - I don't know alot about Family trusts, but my DH's family has one and to me it seems quite complicated. I think your best bet would be to see a lawyer who specialises in family trusts. I'm not sure about saving money but I think you basically need to balance out the tax breaks you get with the fees you have to pay the lawyers who manage the trust so I think it depends on how many assets etc you have and what their value is.

You should also check out the Family Trusts website]]> Tue, 13 Jan 2009 19:01:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586177&title=family-trusts-and-property#586177 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586174&title=family-trusts-and-property#586174 Author: kebakat
Subject: 23720
Posted: 13 January 2009 at 6:59pm

Ummm the in laws have put their houses into a trust but mostly because when they retire they don't want the houses to be seen as their assets.

The only thing I know is that they had to have at least 3 people in the trust.. so they have FIL, MIL and DH as the 3rd person.. and they have to have yearly meetings about the property with minutes which is given to the lawyer. I don't think it saves them money, it probably costs a bit because of the lawyer involvement. But I think it was easy for them to set up, occassionally they pop over with papers for DH to sign about the properties.

But that's about all I know]]> Tue, 13 Jan 2009 18:59:39 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586174&title=family-trusts-and-property#586174 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586147&title=family-trusts-and-property#586147 Author: .Mel
Subject: 23720
Posted: 13 January 2009 at 6:42pm

We dont have a trust, but perhaps you could contact your lawyer and find out if they do them, theres also Public Trust, but I've heard mixed reviews about them.

]]> Tue, 13 Jan 2009 18:42:25 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586147&title=family-trusts-and-property#586147 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586139&title=family-trusts-and-property#586139 Author: arohanui
Subject: 23720
Posted: 13 January 2009 at 6:38pm

DH and I have been wondering if it would be worthwhile for us to start a family trust.

We currently own 2 houses - one we rent out, the other we live in but rent out downstairs granny flat (plus we have a flatmate upstairs until March).

Could we save any money in our situation?

Has anyone had experience in family trusts? How easy/hard is it to set up? What do we need to know about family trusts?

TIA ]]> Tue, 13 Jan 2009 18:38:47 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=23720&PID=586139&title=family-trusts-and-property#586139