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What’s fair?

The harsh reality of math of asset and estate planning is that sometimes 3 into 1 just will not fit.  Consider Talbot v Talbot.  The residual estate comprised: 1 farm interest worth approximately $4m $2m cash, and 3 beneficiaries. One son had worked on the farm from the age of 17.  The two daughters enjoyed a … Continue reading

A new trusts act is a little closer

14 years since the paper Some Problems in the Law of Trusts was released a draft Trusts Bill has been released for consultation. The draft Bill largely reflects the recommendations from the Law Commission’s review of trust law that commenced in 2009 culminating in a final report that was released in 2013. The Bill has been introduced to address problems with current … Continue reading

How clear is that bright-line?

The idea behind the “bright-line” test is a clear rule that provides with limited exceptions (the most important one for most people relating to the sale of the family home) sales of residential property within two years of acquisition will be taxable. However, what comprises an acquisition or a disposal is not always entirely obvious.  For example, consider the … Continue reading