May 30, 2021 Tarita Hutchinson

IS IT TIME TO REVIEW YOUR FINANCIAL RECORDS?

BY TARITA HUTCHINSON

“Sandy, as an only child, was dealing with the loss of parents within a year of each other and became the sole beneficiary of a sizeable estate.  Imagine Sandy’s surprise to find out that steps weren’t taken to use available gifting exemptions and a 7 figure tax bill was due representing 40% of the parents’ estate.”

We all read the horror stories around estate taxes on inheritances and this can be a reason we have estate structures that properly plan for that time.

However, even the best laid plans can go awry from time to time if we don’t keep abreast in an ever more complicated regulatory environment.

Many popular international jurisdictions including Cook Islands and Nevis have implemented increased tax compliance requirements for international structures in response to pressure from the United States of America and more recently the European Union.

To keep up to date with the shifting sands of global reporting we recommend a financial health check as part of an annual review of your structures.  This is an important component of the health of your international portfolio.

Annual reviews are far easier to do when your financial records are in good order and due to growing global reporting requirements we have seen a record number of account preparation requests to our Southpac financial services team in 2021.

At Southpac Group you have the benefit of a team of accounting professionals that are familiar with your wealth planning structures and able to work with your domestic advisors to provide a service tailored to meet your needs.

International structures may require reporting in multiple jurisdictions and with different reporting formats and application of different accounting standards.  At Southpac we use generally accepted accounting principles (“GAAP”) to provide financial reports that are easy to understand across entities and jurisdictions.

We assist with:

• Preparation with periodic financial statements for trusts, companies and foundations;

• Financial health checks;

• Tax reporting; and

• Group consolidation.

If you want help with your financial reporting feel free to contact the financial services team for an obligation free discussion on your financial reporting needs.  Contact us here or on our toll free number 1-800-361-5120. Alternatively, contact us here.

Tarita Hutchinson

Tarita Hutchinson is Managing Director of Southpac Group. Tarita’s focus at Southpac has been to connect infrastructure networks to support our valued clients.
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