In view of the quickly changing world I am asking how do we best protect our assets? We have freehol rent houses, own

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Customer: In view of the quickly changing world I am asking how do we best protect our assets? We have freehol rent houses, own our own house and have some cash on deposit. We are retired. I see the inevitable that we will go to digital centralised banking. I am aware of how North China government can reward or penalise through the government centralised banking system. I have listened to the IMF and the World Bank talking centralised digital banking linked to digital medical status.
JA: What steps have you taken? Have you filed any papers in Chinese family court?
Customer: No I am not chinese I am a New Zealander living in New Zealand.
JA: Have you talked to a lawyer about this yet?
Customer: No this is happening so rapidly I am just doing some of my won research first.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I have outlined the basic situation. I was wondering about a family trust - we have 4 adult children with families. I want to remain annynomomous
Answered by Chris The Lawyer in 1 hour 7 months ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi My name is ***** ***** I am a New Zealand lawyer based in Wellington with more than 42 years of experience. I am here to help with your questions.
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Chris The Lawyer, Expert

A trust does not give you any protection in your situation. It adds a level of administration with no real additional protection.As for digital banking, that appears to be largely run by bitcoin enthusiasts, without any additional protection for you.

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Chris The Lawyer, Expert

I am happy to discuss why trusts are no longer useful

Customer
Ok Imy husband and I did have our doubts about trusts. Next question is how do we protect our assets from what I see coming in the future? Totalarianism.
Customer
I would need to check with my husband whether he's wanting to spend a larger amount of money - as I see the call is $89 I was happy to email and chat but I will do some more of my own research for the present. Thank you for confirming what we suspected about trusts.
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Chris The Lawyer, Expert

I would only recommend a trust if you were in business and potentially could be sued personally. If however you are retired, then settling assets and trust can cause problems if later in your life you need residential care subsidies, because your assets are taken into account even if you have gifted them into a trust. WINZ assess your assets if you need residential rest home care subsidy is, and will overturn any transfer of the assets to a trust, even going back many years. The other issue about a trust is that beneficiaries are now entitled to much more information about the operation of the trust. This can create obligations to keep them informed, which you may not want to do. It is more difficult for me to comment on your concerns about potential political changes in the future. For my part, I don’t see any risk in that in New Zealand and the for seeable future .
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Chris The Lawyer, Expert

The pros of having a family trust

The main advantages of having a family trust is to protect assets for beneficiaries from their creditors, relationship property claims, or if you believe they are unable to manage their financial affairs. They also serve to minimise or prevent claims against your estate. You can be a trustee and a beneficiary of your trust, so a trust may be useful to protect the family home from a risky business venture for example. Trusts can also be used to protect money set aside for special purposes.

At your death, the Courts can overturn or rewrite provisions in your will if they consider family members have been disadvantaged, but they cannot do this to a trust. Essentially, this ensures your estate continues to benefit your named beneficiaries regardless of their individual situations.

The cons of having a family trust

The most significant disadvantage of having a trust is that you lose ownership of the assets you gift to the trust. Even though you can appoint trustees and act as a trustee, the assets have to be used in accordance with the trust deed. If you continue to treat the assets as your own, the trust can be challenged as a sham.

Next there are establishment, accounting and administrative costs to consider. As a legal entity, the trust will have to file an annual tax return if it generates income. The cost of establishing a trust depends on its complexity and the assets it holds. You’ll need to weigh up the benefits of having a trust against the ongoing costs.

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