The cost of having a family trust could be able to rise. Photo / Getty ImagesThe cost of having a family trust could be able to rise. Photo / Getty ImagesThe cost of operating a family trust is set to rise just as many of those who use trusts face increasing costs in their businesses and personal lives. That means trusts are now being asked to provide extra information about their earnings, financial positions, settlements, settlors, distributions, beneficiaries and powers of appointment to the Inland Revenue Department. Smith said many of those who used trusts were small business owners who had placed their own homes into trusts, and were already facing escalating costs from inflation, supply chain challenges and mortgages.

Source: New Zealand Herald July 04, 2022 23:32 UTC