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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
In the Matter of the Piedmont Trust and the Riviera Trust powers of appointment and who can exercise them are an important aspect of both the management of a trust, and the very terms on which a trust is settled. It is now generally agreed that whether the powers are held by a trustee or a … Continue reading
When embarking on asset and estate planning, an important but often overlooked enquiry is as to how the next generation will manage the assets (and what those assets might be) and who sensibly should be in charge. Consider the case of Frickleton v Frickleton. In this case one of four sons ends up as the sole executor … Continue reading
While “protectors” are not a common feature of New Zealand trusts, they are not entirely unheard of. A protector might be described as a hybrid of a trustee and an appointor. This is a fairly inelegant statement of the term, but hopefully it gets the idea across. The role of the protector developed in offshore jurisdictions … Continue reading
Matters of Trust 