Geoffrey Cone stated in his most recent publication that the establishment of a trust is critical for families who are attempting to avoid undue taxation. As a tax attorney, Cone is aware of the many legal taxation burdens that families face when their assets total a certain amount. Cone suggests that families who are seeking to avoid undue taxation develop a trust for their assets and name a family member who is not responsible for the asset as a trustee. By implementing this type of trust, family members can protect valuable assets from heavy taxation and ensure that the assets that they have worked for remain intact for future family members.
Geoffrey Cone also stressed the importance trust development for families who wished to protect assets from family members in case of the trustee’s demise. Cone has witnessed many incidents where the family members of deceased relatives received estate values and assets that were not allocated to them in the deceased relatives’ will. These stipulations are often made as a result of the living relatives bringing a law suit against the legal estate holders in order to receive unallocated funds. Cone asserts that these cases could often have been avoided if the family members had set up a trust during their lifetime. Trusts can be developed to specify the allocation of assets to certain individual in a way that a last will in testament may not.
Cone’s article also indicated the importance of the establishment of trusts for families who seek to become fiscally conservative. Cone noted that the conservative efforts of families who establish trusts are often greater than those who do not. Trusts can help families to allocate portions individual assets that should remain untouched. Trusts can also be established in accounts that yield great interest rates for the owner of the account. Cone emphasized the fact that high yielding trusts are often used among families of considerable means in an effort to reserve wealth for future generations.
As a member of the New Zealand Financial Conservatory and a partner at the Cone Marshall law firm in New Zealand, Geoffrey Cone has a vested interest in the establishment of New Zealand trusts. Cone made it clear in his article, however, that his major concern is for New Zealand families who are seeking to make important financial decisions in coming years.