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Expectation denied

Expectations, great or otherwise are tricky to enforce.  When a person who had expectations in respect of an estate is disappointed there are various options for challenge open to the disappointed party.  However, each has thresholds that need to be satisfied. Consider the case of Blumenthal v Stewart.  Mr Blumenthal was the son of Mr … Continue reading

draft Trusts Bill – further refinement

  If you are wondering where the Trusts Bill is at, well you are not alone.  The simple answer is, not here yet.  However, incremental progress is being made.  The Law Society recently reported back addressing some points that Ministry of Justice sought clarification on.  These related to the maximum duration of a trust, application of … Continue reading

Trust case-law up-date

Feeling overwhelmed by the amount of new trust case law?  Help is at hand.  Vicki Ammundsen and John Brown are presenting a webinar on critical trust cases for 2017.  For more information see Webinar Series 2017 – Critical Trust Cases. Cases covered include: Marshall Family Trust and Godfrey v McCormick – critical analysis of whether … Continue reading

Undocumented loans 

The informality associated with loans between family members can lead to later disputes when different interpretations of the transaction emerge. Warin v Warin is a case in point. In that case $367,903.90 was advanced to the Warins’ daughter. The loan comprised: $100,000 that was initially secured by mortgage in 1997 $141,749.70 that was loaned to … Continue reading

Update on memorandum of wishes case

“The last of the Memoranda shows that Mr White Senior wished each of his three children to enjoy the benefit of his estate equally and that the property be sold to one of his three children. We will return to the words of the Memoranda in due course.” Thus starts the Court of Appeal decision … Continue reading

Taxation of Trusts

Draft interpretation statement PUB00261: Income tax – taxation of trusts has been released for consultation. PUB00261 summarises the tax law as it applies to trusts and when finalised it will replace the Commissioner’s original statement on the trust rules in the “Explanation of Taxation of Trusts” in the Appendix to Tax Information Bulletin Vol 1, … Continue reading