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Much is said of late about the “bank of Mum and Dad” in the context of parents helping children into their first home. However, with the passage of time positions can change as to whether sums advanced were loans or gifts and how much has been re-paid. When Mum or Dad is elderly questions can … Continue reading
It is important when dealing with trustee owned shares to appreciate how these might be treated for tax purposes. The following question from the CCH/TEO Q & A Service considers how and in specie distribution of share should be treated in the context of a distribution and a resettlement. Company shareholder continuity QUESTION: Trust B … Continue reading
The Matter of the Representation of Virtue Trustees (Switzerland) AG and Anor re The C Trust (the Trust) heard in the Royal Court of Jersey relates to a trust where a beneficiary named in the deed was also appointed a protector (by a hand amendment when the deed was executed) where the terms of the deed … Continue reading
The “Rule” in Hastings-Bass (more properly the rule in Mettoy) invites a court to “wave the judicial magic wand” and void decisions made by trustees, together with the attendant consequences, when trustees have made decisions with consequences from which they now with to resile. The logic of “the “Rule” was to protect beneficiaries. However, where … Continue reading
At the Trusts Special Interest Group’s next meeting on 26 June 2018: Geoff Clews will discuss the emerging ability to give and solutions to the problem of how to give. Increasing wealth has highlighted a trend toward many looking to leave a personal legacy through a philanthropic endeavour as well as providing for the family. Questions … Continue reading
Transactions between GST-registered trusts and beneficiaries need careful scrutiny to ensure that GST obligations are not overlooked or obfuscated by the relationship between the trustee and the beneficiary. Although GST registration is in the name of the trust, the obligations fall to the trustees. For tax purposes a GST-registered trust and its beneficiaries are associated persons. This means … Continue reading
The judgment in Full-Circle Staffing, LLC, Watchman Investment Trust, Financial & Tax Services, Inc., Trustee, Tax Matters Partner, Et Al. v Commissioner of Internal Revenue (Full Circle) is a consolidated judgment of the United States Tax Court. The background facts are complicated but can be summarised as follows: Mr and Mrs Pudlo restructured their freight forwarding … Continue reading
A grandfather, Mr Greenwood, told his grandson that he could buy his house for $300,000 after his death. He expressed this wish to others, including his daughter (mother of the grandson) who was one of the executors of his estate, although it was not in his 2005 will. This occurred in Christchurch before the Earthquakes … Continue reading
New Zealand may seem a long way away from the rest of the world. However, as demonstrated in Trident Trust Company (NZ) Ltd v Bozo, not so far away as might be thought. The case involves a New Zealand trustee of a trust settled by a non-resident settlor for the benefit of himself his wife and … Continue reading
Section 182 of the Family Proceedings Act 1980 (FPA) can be considered a vexing piece of legislation in that it has application only for spouses and civil union partners. Whether this will continue to be the case may become apparent following the outcome of the ongoing five year review of relationship property and related legislation. … Continue reading
Matters of Trust 