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Further to the post What do you need to know about money laundering the attached article provides more insight and background into this new and complex area of law. New obligations affect lawyers_LT 821_21 June 2013
The use (and abuse) of trusts remains an important facet of asset and estate planning. Vicki Ammundsen is presenting a series of webinars with CCH business fitness targeted at trustees and trust advisers. The series of webinars also includes a webinar on the increasingly thorny issue of residential care subsidies. For more information (and for the “season pass” special) see: … Continue reading
Vicki Ammundsen is presenting a webinar on winding up trusts on 31 May 2013 at 10.30. The one hour webinar will be followed by 1/4 hour for Q and A. Subjects covered will include: Bringing forward the vesting date / date of distribution The mechanics of winding up a trust Tax consequences Practical considerations Dealing with corporate trustees Trustee … Continue reading
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
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
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
A trust can run for up to 80 years at present. While the odd relationship clocks up similar tenure, like trusts many are brought to an end sooner than death does them part. Some settlors of trusts, or their canny advisers, consider the possibility of the relationship not lasting the distance and draft the deed … Continue reading
In December 2010 the High Court granted interim asset preservation orders in respect of assets owned by the trustees of the KA3 and KA4 Trusts and former Hanover director Mark Hotchin. The trustees of the KA3 and KA4 trusts challenged the High Court’s refusal to strike out certain aspects of the Financial Market’s Authority (FMA) claim, … Continue reading
The Court of Appeal has overturned the High Court decision of Commissioner of Inland Revenue v Newmarket Trustees Limited. Ed note: Newmarket Trustees Limited was placed into liquidation on 12 October 2012. Newmarket Trustees is a corporate trustee that acts for a number of trusts. Newmarket Trustees is insolvent due to unmet tax liabilities in … Continue reading
The recent High Court decision in Stokes Family Trust v RM Colebrook Family Trust should ring alarm bells for anyone who routinely makes purchases on an “or nominee” basis and then nominates the same trustee purchaser as to do so could invoke the doctrine of undisclosed principal. Background The facts of the case can be … Continue reading
Matters of Trust 