Ace our estate and asset protection questionnaire - Your key to protecting your legacy
How to complete our estate and asset protection questionnaire - the pillar of a successful plan
Click the following links to use DYOdocs to create a free report on the legal documents you need as part of
your trust-based estate and asset protection plan
and why it’s essential to have legal expertise you can trust
How to complete our estate and asset protection questionnaire - the pillar of a successful plan
Click the following links to use DYOdocs to create a free report on the legal documents you need as part of
your trust-based estate and asset protection plan
and why it’s essential to have legal expertise you can trust
Crafting your personalised plan
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Preparing an estate and asset protection plan involves far more than filling in a few names on a standard form trust deed. Advisors who prepare trust deeds instantly by simply filling in a few blanks are doing you a disservice, as such trust deeds are not worth the paper on which they are written.
As you will gather from the form unless your expert knows all about you they cannot tailor make an asset protection plan which will achieve your objectives. This involves not only a knowledge of your objectives, assets, and liabilities but also a knowledge of your income and businesses.
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The estate and asset protection plan has to work in best-case and worst-case situations. You, therefore, have to plan for the best as well as for the worst, and an advisor cannot plan for the worst if they do know the risks which are of concern in your case.
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Make sure that you do not attempt to plan for perfection. All that does is put matters in your too-hard basket as there is no such thing as perfection.
What is important is that you put your present wishes on paper so that if you die or become incapacitated next week others know what those wishes are. If you change your mind you can change your wishes if your trust has been properly prepared.
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In New Zealand, the Income Tax Act 2007 only permits you to obtain taxation benefits if they are purely incidental benefits that occur as a result of an asset protection program set up for other purposes.
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There there are two types of estate plans:
2. A trust-based estate and asset protection plan.
Determining whether you need a will-based estate plan, or a trust-based estate and asset protection plan is an important decision.
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After completing our questionnaire you can talk to one of our estate planning experts who can assist you with any questions about the estate plan.
This will assist you to achieve your important objectives.
Decide upon the correct structure
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Your business name is an important part of your branding and marketing, so it's worth putting some thought into it. Make sure it's easy to pronounce and spell and avoid using puns that may not translate well. Check on the Companies Office website to see if your chosen name is available for registration, and check that domain name registration is possible, before finalising it.
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Insurance can provide financial protection for your business in the event of accidents, damage, or legal issues. There are a range of insurance options to consider, such as public liability insurance, professional indemnity insurance, and business insurance. Research your options carefully and consider seeking advice from a licensed insurance broker.
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Standing out in a crowded market is crucial for the success of your business. Identify what sets your business apart and focus on that niche. Conduct market research to understand your target audience and competitors, and use that knowledge to develop a unique selling proposition (USP) for your business.
Your beneficiaries and other important estate planning documents
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Who do you want to benefit on your death (and in the case of your trust while you are alive)?
If they are not alive when you die then who are the backstop beneficiaries?
At what age and in what form do you want them to benefit?
Do you want them to inherit a trust with assets in it, rather than inheriting assets personally? This is my recommendation as in this way the assets are 100% safe from attacks by others.
In the case of older people, what is going to happen to the assets if they inherit them personally? Is it not better for the assets to remain in the trust with the "older" people being supported as they require it so that what is in the trust is never theirs? In that way, it cannot be taken from them.
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Your other important estate planning documents are:
Disclaimer: This article should not be relied upon for legal advice. Always seek professional legal advice before making any decisions regarding your business.