Trust wind ups A few things to think about before saying ‘goodbye’ to your family trust

If you have had a family trust for a while, you may be asking yourself, ‘is it time for this Trust to come to an end?’

Perhaps you are retired and looking to simplify your affairs, or you may no longer be in business and your Trust has served its purpose. Whatever the reason, below are a few key points which you may want to consider before proceeding with winding up your Trust.

What does my Trust own versus what do I own?

important to ascertain what the assets and liabilities of your Trust are so they can be addressed as part of the wind up. Sometimes, it is unclear which assets are held personally versus in the Trust (particularly if no accounts have been prepared). It pays to make a note of this, before discussing with your lawyer and accountant.

Properties and Bright-Line: If your Trust owns property, it is important to check the implications of a property transfer out of the Trust with your tax advisor. A transfer to a beneficiary could result in that beneficiary paying tax upon their eventual sale of that property, potentially including tax on the sale of a home if they have rented it out or otherwise moved out of their home for an extended period. There is some relief available for certain transfers out of a trust, but it is important to seek specific tax advice to ensure your Trust qualifies before making the transfer.

Share transfers: If your Trust holds shares in a company you will need to consider the impact a share transfer may have on the company's ability to carry forward losses and imputation credits. Again, an important point to discuss with an accountant to avoid adverse tax consequences.

Final tax liabilities: As part of winding up the Trust, you need to make sufficient allowance for any final tax liabilities which need to be paid.

If you are looking to wind up your family trust and would like our assistance, you can call us on 09 550 8843 or email office@simpsonwesternnorth.co.nz.

Morgan Sharp | Solicitor, Simpson Western North Note: This article is published for general information purposes and should not be relied upon as legal or tax advice. For advice specific to your circumstances, please seek specialist advice.

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