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Vicki Ammundsen is presenting a webinar for the New Zealand Institute of Chartered Accountants (NZICA)on Trustee Liability on Wednesday June 20 at 10am. This webinar identifies how and where trustee liability arises, and how trustees can avoid personal liability. Topics covered in the webinar include: The sources of trustee liability Contracting out of trustee liability … Continue reading
Effective 1 July 2012 the asset testing thresholds for determining eligibility for a residential care subsidy will be CPI adjusted on 1 July of each year. This adjustment replaces the previous mechanism, which increased the thresholds by $10,000 each year and was to apply until 1 July 2025. For more information on residential care subsidies see … Continue reading
The regulatory statement to the Budget 2012 amendments to the residential care subsidy thresholds (now CPI adjusted rather than increasing at $10,000 per annum) makes interesting reading reading. Accepted that interesting might overstate the matter for many. Regardless, the statement does throw up some numbers that add some flesh to the bones. For example, of the … Continue reading
Many people undertake asset and estate planning with the hope that the arrangements entered into will protect assets so that they will not be counted for residential care subsidy purposes. The success or not of these measures depends on timing and require careful understanding and appreciation of how the relevant thresholds are applied. See gifts … Continue reading
The devil, it is said, is in the detail. While there is no agreement regarding who this statement should be attributed to, this makes it no less correct. It also makes it no less relevant in the context of trusts, where so often what matters, is not what was intended (certainty of intention aside …) … Continue reading
Vicki Ammundsen is presenting a webinar on the often over-looked trust subject of beneficiaries and beneficiary rights. This webinar will utilise a case study to highlight beneficiaries’ rights and how these should be dealt with in practice. Topics covered include: > A discussion of the rights different beneficiaries have > How to respond to information … Continue reading
Mistakes happen in all walks of life. Some are easy to remedy, others, not so much. What happens when a mistake occurs in a deed of trust? Some mistakes can be corrected through the trustee’s power to vary; if the deed provides for that. Where the trustees do not have a power of variation, a … Continue reading
Rob Stock recently wrote (Sunday Star times, April 29, D8) about how rising fees were eroding the great legacy of Frank Sydenham and questioning whether, with hindsight Mr Sydenham would have written his will differently. Mr Sydenham’s will provided for the establishment of a trust estate, the income of which was to be used to … Continue reading
The recent decision in SW Trust Limited v Grandad’s Limited highlights, yet again, the number of corporate trustees operated by professionals that accept multiple trustee appointments but that do not appear to wish to be in the trustee business. In the judgment it is noted that: “First, the applicant is a corporate trustee. It was … Continue reading
Eligibility for a residential care subsidy (RCS) is dependent on the applicant meeting stringently applied asset and means limits. Where assets have been transferred to a trust, an applicant can still qualify for a subsidy, provided that any amount of gift counted back, does not exceed the permissible asset threshold. Some people, who would otherwise qualify for … Continue reading
Matters of Trust 