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The Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill has had its third reading and now awaits assent. One aspect of the increased trustee tax rate will be the application to testamentary trusts that cannot be fully distributed in the permitted time-frame. While many estates are administered efficiently and without tax implications. … Continue reading
Phillips v Heremaia relates to two sisters engaged in litigation with respect to their father’s estate. Although the matter settled at a judicial settlement conference not agreement was reached with respect to costs, which are the subject of this judgment. The following at [3] and [4] sets the tone for the decision: Rule 15.23 of the … Continue reading
Ryan v Lobb relates to the interpretation of a resettlement clause contained in the deed of trust for the Lothbury Trust (the Trust) that expressly provided for a resettlement on written notice in the event that the Settlors separated, or their marriage was legally dissolved. Such notice was given by Ms Ryan in 2017 following … Continue reading
The background to Turvey v Vance relates to diametrically opposed intra-family division with respect to the FB Turvey Family Trust and the P Turvey Family Trust (the Trusts). The Trusts were mirror trusts and as such the settlor of each of the trusts was not able to benefit from the trust that person settled. In … Continue reading
Lendich v Codilla relates to an attempt to claim a beneficial interest in property sold at an undervalue where there was an agreed element of gift. The case also raises the question as to standing of directors and shareholders of a company that has been removed from the register of companies. The issues raised by … Continue reading
Family financial arrangements are commonly not recorded in writing. For this reason questions as to whether a prior advance was a loan or a gift are not uncommon. Comins v Public Trust represents an unsuccessful application for a declaration that a sum of $50,000 was a gift, in circumstances where the deceased’s will provided that … Continue reading
Families are funny old things. Blood is thicker than water (fact). But when it comes to who should get the most after Mum and Dad have died, perceptions can become quite skewed. In Ngui v Ngui the surviving parent left her estate to her four children in equal shares. So far so fair. However, one … Continue reading
Bean v Bean is a an application to strike out a Family Protection Act 1955 (FPA) claim on the basis that it has no prospect of success. The bar is set high for such a claim. While any such claim will depend on its own facts, Bean v Bean is an interesting study of the procedural and tactical aspects … Continue reading
The bare facts of Chang v Lee can be summarised as follows: Ms Lee purchases a property in Sunnynook Mr Chang (Ms Lee’s uncle) advances Ms Lee $275,000 of the $566,000 purchase price The advance was not a gift The terms of the loan advance were incomplete Mr Chang made the advance to Ms Lee on the … Continue reading
The use of corporate trustees is a common response to trustee liability. However, where one of two natural person trustees retires and a corporate trustee is appointed, it is important to consider whether the retiring trustee has been discharged. See ss 43, 45 and 46 of the Trustee Act 1956, which provide: Relevant Legislation 43 Power … Continue reading
Matters of Trust 