To be blunt, many of those relying on a family trusts for protecting their assets may be putting too much faith in an extremely flimsy insurance policy.
Today the topic is Family Trusts.
The idea with a family trust is that you now no longer own your own home as an example, the trust does – so if someone ever came after you legally, your assets are in theory, safe and sound behind a type of firewall.
Check out another podcast episode around family trusts, which specifically covers off what they are still good for.
Mason Lockhart is my guest today – Mason runs a law firm here in Auckland and has a deep understanding of today’s topic. Now if you have a family trust, the lawyer who set up your family trust can, and should be explaining to you the point of your family trust every now and then. Like insurance, you need to be reminded occasionally why you have it, and if things have changed, perhaps your insurance needs to change also.
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