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Whether or not a blended family is involved, if provision is not made for a child or if a trust has been settled notwithstanding the degree of relationship, then a remedy with the assistance of the court can be difficult, if not impossible. While the Family Protection Act 1955 can provide an opportunity for children who … Continue reading
The Justice Select Committee has reported back to Parliament (following two time extensions). The recommended amendments to the Bill are largely minor in effect, dealing with definitions or clarification of proposed provisions, although there are adjustments to maximum duration periods for resettlements and the addition of a “guiding principle” for trust duties. Key points are: … Continue reading
In Roberts v CIR the question for the court is whether the forgiveness of debt a monetary gift for the purposes of s LD 3(1)(a) of the Income Tax Act 2007? Background The Oasis Charitable Trust (the Trust), a registered charitable trust, was settled by Mrs Roberts and her late husband on 14 October 2007 to facilitate the growth of … Continue reading
The inherent jurisdiction of the High Court includes the supervision of trusts. However, the temporal aspect of the jurisdiction and the ability for this to provide a longer-term administrative solution is a useful aspect of the jurisdiction. Such a case is Matheson v Clare Matheson Trust Limited, which concerned an application by a settlor and … Continue reading
In Heylen v Keene all actual and potential beneficiaries signed an “amended direction” directing the executors of the estate of Paul Heylen to distribute the estate, not in accordance with his will, but as directed by the beneficiaries (in accordance with the rule in Saunders v Vautier. Although the parameters of rule in Saunders v Vautier … Continue reading
Much is said of late about the “bank of Mum and Dad” in the context of parents helping children into their first home. However, with the passage of time positions can change as to whether sums advanced were loans or gifts and how much has been re-paid. When Mum or Dad is elderly questions can … Continue reading
The “Rule” in Hastings-Bass (more properly the rule in Mettoy) invites a court to “wave the judicial magic wand” and void decisions made by trustees, together with the attendant consequences, when trustees have made decisions with consequences from which they now with to resile. The logic of “the “Rule” was to protect beneficiaries. However, where … Continue reading
The judgment in Full-Circle Staffing, LLC, Watchman Investment Trust, Financial & Tax Services, Inc., Trustee, Tax Matters Partner, Et Al. v Commissioner of Internal Revenue (Full Circle) is a consolidated judgment of the United States Tax Court. The background facts are complicated but can be summarised as follows: Mr and Mrs Pudlo restructured their freight forwarding … Continue reading
Section 182 of the Family Proceedings Act 1980 (FPA) can be considered a vexing piece of legislation in that it has application only for spouses and civil union partners. Whether this will continue to be the case may become apparent following the outcome of the ongoing five year review of relationship property and related legislation. … Continue reading
When two people own a property jointly, what is legally referred to as being joint tenants (as distinct from tenants in common, where each party owns only a set percentage of an asset), and where one of the two joint owner dies, the survivor inherits the interest of the other joint tenant. There is no … Continue reading
Matters of Trust 