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Protectors, although perhaps not a common feature in discretionary trusts, pepper the trust landscape. What is a protector? There is no agreed definition of protector. As a general principle a protector is a person who, although not usually a trustee, has been granted certain powers relating to the trust. These powers range from powers to veto trustee decisions, to powers to … Continue reading
In April of this year the Ministry of Economic Development released a discussion paper titled “Auditing and Assurance for Larger Registered Charities”. The purpose of the paper is to seek submissions regarding the need for audit and assurance of the larger registered charities’ financial statements. For anyone interested in the subject the closing date for … Continue reading
The Charities Commission, which decides, amongst other things, whether or not to accept any application for registration as a charity (or to remove a charity from the register of charities) has been disbanded and its functions transferred to the Department of Internal Affairs. Roger Miller, Caren Rangi and Kirikaiahi Albert have been appointed as inaugaral members of … Continue reading
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
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
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
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
Matters of Trust 