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Gifting

This category contains 26 posts

Buyer’s remorse

The expression “Beware Greeks bearing gifts” as been attributed to  the story of the wooden horse of Troy, used by the Greeks to trick their way into the city. It is recorded in Virgil’s Aeneid, Book 2, 19 BC: “Do not trust the horse, Trojans. Whatever it is, I fear the Greeks even when they … Continue reading

When the going gets tough – litigate and litigate and litigate …

Some cases seem to have eternal existence.  The original matter of Spence v Lynch is one of these.  The are now at least 9 recorded decisions by my count named either  White v Spence or Spence v Lynch.  The first case was written up in this blog as Dominant trustee architect of loss.  The name was apt then, … Continue reading

Debts owing by trustees “real”

When assets are transferred to a trust by a settlor the transfer is generally by way of gift or sale.  Where assets are sold there is a gift back that can be forgiven immediately, progressively or at some future date, if at all. Prior to the abolition of gift duty gifting programs were common and … Continue reading

Loan debate determined

The Court of Appeal has dismissed as aspects of an appeal of a High Court decision upholding a loan between trusts following the breakdown of the borrowing trustees’ relationship.  See Trustees until divorce us do part.

Trust Fundamentals Webinar

Trusts are the best long-term intergenerational form of asset protection.  However, as litigation involving trusts increases, questions are reasonably asked regarding the “safety” of trusts.  If you are looing for answers or guidance Vicki Ammundsen is presenting a webinar on February 19th discussing the fundamentals of trusts.  Topics covered by the webinar include: Requirements of a valid trust Differentiation between … Continue reading

Residential Care Subsidy Appeal lost

Commentators and advisers have been divided regarding whether or not gifts made by couples are aggregated for residential care subsidy purposes.  A decision by the High Court that gifts are aggregated, has now been up-held by the Court of Appeal.  So what does this mean?  Simply, for a person with a spouse or partner, gifts … Continue reading

Life insurance – is it time for a review?

It is common for life insurance policies to be assigned to trustees.  However, less common is the establishment of any sort of frame-work for reviewing these policies.  Issues that spring to mind in no particular order include: does the policy represent value for money?  This is particularly relevant as the insured ages and premiums increase. … Continue reading

Residential Care Subsidy Seminar

The discussions around entitlements to a residential care subsidy increasingly take on the status of urban myths. Ayres Legal is presenting a seminar with plain English advise regarding the effect gifts to trusts and other matters have regarding entitlements to residential care subsidies. The seminar will be held on 16 April at the Epsom Community Centre.  To … Continue reading

Residential care subsidy up-date for couples

Commentators have been divided as to whether it is correct for gifts made by a person’s spouse or partner to be taken into account when assessing that person’s entitlement to a residential care subsidy. The question, which revolves around the correct interpretation of s 9B of the Social Security (Long-Term Residential Care) Regulations has been answered … Continue reading

Is it a bird, is it a plane, is it a loan?

It is well recognised that arrangements surrounding family trusts are often informal.  However, while this is understandable, and explainable, the consequences of this informality can be uncertainty and, at worst, understandings of some parties that are light years from what might have been intended. Regardless of the relationship between the parties, and indeed often because … Continue reading

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