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The taxation of trusts is a dynamic and ever-changing landscape. The third edition of Taxation of Trusts published this week (September 2016) has been up-dated to incorporate recent case law developments and legislative amendments. The text also considers the application of FATCA to trusts and proposed new reforms to the disclosure rules and closely … Continue reading
Mr White established the Rex White Family Trust (the Trust) in 1992 to hold an inheritance he received from his mother. The trustees of the Trust were Mr Davis and the solicitor who prepared the trust deed, Mr McNiece (together the Trustees). Mr White’s wife was not aware of the trust at the time, although she had … Continue reading
The decision in Judd v Hawkes Bay Trustee Company Limited (see Another tributary in the trickle of constructive trust cases) has been upheld on appeal. By way of background Richard Hodgkinson and Michelle Judd were married for six and a half years. Over that period they lived in a property in Lane Road, Havelock North, … Continue reading
The background to Fawcett v Official Assignee is relatively straight-forward, as is the result. However, the highways and by-ways the decision takes to get there are a study in why very few people should be trustees, and even less would want to be. The case relates to a poorly constructed pedestrian bridge that was ultimately ordered … Continue reading
A bare trust arises where property is held by a person (the trustee) only for the purposes to hold until transferred in accordance with the beneficiary’s directions. Bare trusts can be a commercial convenience, but can also effect a remedy in circumstances when property might otherwise be lost due to the fungible nature of the … Continue reading
On 17 July 2016 the Sunday Star Times reported about a family at war over a mansion with an opening quote that read “Lawyers say the judiciary are increasingly overturning wills in family disputes.” The dispute ended up in the High Court, firstly regarding an application for the removal of the trustees and secondly a … Continue reading
However, as the directors and trustees are one and the same, perhaps a difficult pill to swallow nevertheless. The case of Owens v Shaw is a little hard to make sense of given that the trustees of a trading trust, also traded through a company (on behalf of the trust) on account of one supplier who … Continue reading
The Supreme court has granted leave to appeal the Court of Appeal decision in Erceg v Erceg, see A step back for beneficiaries or a nil all draw? The approved question is “Should the conclusion that disclosure not be made/required be set-aside?” References: Erceg v Erceg [2016] NZSC 69
The facts of FAI Money Limited v Crawley, which traverses, amongst other things, whether a trustee can be liable for a debt incurred under a power of attorney, are set out in the High Court decision discussed in 1 of 2 Trustees Personally Liable. By way of brief recap: Edward Johnston’s brother Richard Johnston who is an accountant, … Continue reading
The Property (Relationships) Act 1976 (the Act) is now under review as part of a significant project that will involve consultation with the public and key stakeholders. The outcome of the review is to be reported back the Minister of Justice in November 2018. See Law Commission to review Property (Relationships) Act 1976. Not surprisingly … Continue reading
Matters of Trust 