Christmas Message From The Professional Trustee
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Articles by The Professional Trustee Team
Christmas is always a time for celebration but in my book, it's also a time for reflection and some forward thinking. "What did the year bring and what will the New Year look like?" are often questions that cross my mind as I see one year out and another year roll in.
This year, we've all been touched by the global events that have faced
our world. New Zealand is not an island that stands outside the global
economy and we have truly felt the effects of the global recession at
home.
The majority of our markets, including retail, property, tourism
and exports have all taken a bit of a hit. The labour market has
definitely felt the effects of the global recession and we all know how
the finance/credit market has tightened and affected us personally
and our businesses.
They say, however, that every cloud has a silver lining and I think this is
true with respect to the global recession we've all faced this year.
Out of emergencies, better people and better processes emerge. We set
about the subject of learning and we start to think about how we can
manage our lives, our households and our companies more effectively and
efficiently. Often, we emerge and find ourselves in a much stronger
position simply through having to focus on how to survive and build a
better, stronger future.
Additionally, we frequently ask ourselves what makes us really happy.
This is a very interesting question because it usually involves not
only having enough assets and money to do the things we want to do, but
it also encompasses having great relationships with our family and our
friends. And to build those relationships we need time. So once again,
we look at where and how we spend our time and how we can achieve
closer relationships with those that we love whilst at the same time,
meeting our work and business commitments.
As the professional trustee here at GRA I've seen lots of good things
this year. In particular, my fellow partners and I have pushed really
hard to dig deep and gain an in-depth understanding of our clients'
needs and wants. This work has lead to us completing over 128
presentations throughout New Zealand in 2009 and to us developing some
innovative products and services that have assisted our clients with
the issues they have been facing. Some of these new products will be
released next year and I just know our clients are going to find them
very instrumental in helping them achieve their financial goals.
One of the biggest highlights for us as a firm and for me personally as
the professional trustee, was being awarded the prestigious Corporate
Trustee of the Year Award by the New Zealand Trustees Association. This
was the first time in the history of the New Zealand Trustees
Association that an award like this had ever been given to a corporate trustee and we took it home! That made me incredibly proud. And a
little bit of pride is a good thing in my world because it makes us
continually strive to deliver top notch service to our clients.
Unfortunately, I've also seen my fair share of friends and clients
feeling pain and stress this year. Some of our clients' businesses have
been adversely affected by the recession and some have even suffered
personal relationship problems. One person close to me didn't cope well
with the pressures the recession brought at all and sadly isn't
celebrating Christmas with any of us this year.
As a firm and as the professional trustee, we do our utmost to help
clients when they face really difficult times and we try hard to help
them make decisions in their lives that will either solve their issues
or at the very least, help minimise their pain. As a human being I
really sympathise and empathise with people who face difficult
problems. I've lived long enough and been though enough life
experiences to know that hardship can strike each and every one of us
without warning.
So, I guess this year I can say I've seen the great tapestry of human
life. I've witnessed the good and the bad. Throughout the year, however, one thing has remained constant in my mind. This one thing has come up
time and time again when I have been presenting and meeting prospective
clients.
Many people when they are enjoying life and events are going their way,
do not pause to consider what could occur if life was heading in the
other direction – southwards. As a consequence, they fail to keep their
eye on the ball. They forget to strategise and plan and take steps to
protect what they have worked so hard to achieve and gain. As a result, by the time the horse has bolted from the stable and they are faced
with difficult times, it is too late to put a plan into place.
So the one thing that I urge everyone to do over Christmas is take a moment. Think about this ...
Have you done all that you can do to put your affairs in order?
Have you taken every step you can take to protect your assets?
Do you have an up to date estate plan?
Have your written your "letter to the living" that I've blogged about?
Have you sat down with us and spoken to us about your forthcoming year, your goals and aspirations and asked us how you can legally minimise your tax liabilities?
Have you had a meeting with us to discuss how you might get ahead financially?
A half hour discussion with us could be the difference between
maximising your life and the economic opportunities available to you,
or not.
The last thing I ask everyone to do over their Christmas break is enjoy
and savour each moment. Think about giving and serving your family and
friends. Be thankful. It may well be true that not everything has gone
as planned this year in your life. Things may have been a bit hard and
in certain cases, downright difficult. But there is a new year to plan
for and if you have friends and family around you then you are very
rich indeed in love and support. It's these things I believe that give
us genuine happiness and satisfaction.
On behalf of the Trustee Services Team and the Professional Trustee I
want to take this opportunity to wish all of you the very best for
Christmas. Christmas is meant to be a time for pure delight, so fill
each moment with joy and cheer. Savour this special time. Have fun with
each other and have happy and safe holidays. Remember, it's the
memories that we create that we look back on. So, ensure the memories
you are building are happy ones that you will be glad to treasure and
pull out in the future and relive.
The Professional Trustee Team
© Gilligan Rowe & Associates LP
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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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Testimonials
This letter is to express my appreciation for the assistance and encouragement of both Anthony Lipscombe and particularly John Heaslip over the last financial year. The period since activating my trading trust has been one of considerable stress, as well as personal development, as I embarked on this as a relative business neophyte with virtually no awareness of the contemporary requirements of running a business, particularly the financial records aspect. During much of this period I have therefore felt considerable out of my depth. However I have been lucky enough to have had the benefit of the advice and support of John Heaslip in rationalizing what was a fairly chaotic set of records of the first year property trading. I am able to say that John in particular, has been unstinting in his attention to my needs and has done so in a manner which has never alluded to my extremely rudimentary grasp of managing a business, or even of being unable to set out a spread sheet properly. The result of the above guidance is that now, although my trading trust would still not be able to operate without the advice of GRA, I do least feel a sense of satisfaction that I have got to my present point without major disaster and that my property trust does now have some kind of firmer basis for any future activities - Name withheld by request
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
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