Originally Posted by
Winston001
Oh golly, where to start.
Ok, a reality check. The average person (most Kiwis) never earn a high income in their lives so they don't have money to hide in trusts or under the mattress. Some of those people are talked into forming Family Trusts by their children with an eagle eye on inheritance. But all they have is a house - no millions stacked away, no yachts, no Gold Coast hideaway.
Yes - there are wealthy Kiwis who do take advantage of trust structures to hide assets and gain tax advantages, although at 33% trustee tax that's not so clever.
I have created many trusts for people in all manner of circumstances and have also talked other people out of it. One size does not fit all. My own parents do not have trusts and yes, Dad paid for his rest home care until he passed. It was a matter of dignity and independence.