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It is easy to think of trusts as magical places to hide things. However, the fortress that the trust may appear can be somewhat less so when assets are being transferred to a trust to avoid creditors getting their hands on them. Dispositions, whether gifts or sales for inadequate value, made to defeat creditors can be … Continue reading
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
Designing a kitchen takes time and effort. And about a billion magzines. You finally get it nutted down. Kitchen professional is chosen, design finalised, deposit paid. At this point thoughts of trusts are as far from your mind as possible, your mind being full of composite vs granite. Will marble really stain that badly (ah … Continue reading
A little licence in the heading, maybe not the earth, but in some circumstances, an interest in trust at least. The rule in Saunders v Vautier allows the final beneficiaries of a trust to bring the trust to an end provided that all of the trustees are in agreement and are of age. The rule … Continue reading
A constructive trust claim provides instructive reading into recognising what it is that you are after before you begin. It begins, as is so often the case with trust cases, with a failed relationship. There was a home owned and constructed by a trust that was settled well before the relationship began. After the relationship ended … Continue reading
Marriage break ups are messy. You don’t usually need to scratch much below the surface to find that out. Who said what unbelievable thing. Who did what unbelievable thing. Who slept with a party outside of the union. We’ve all seen it / read about it (maybe talked a bit more about it than we … Continue reading
When vendor and purchaser are associated companies the amount of secondhand goods credit that can be claimed is limited to the lesser of the: GST included in the original cost of the goods to the supplier [GST] tax fraction of the purchase price, and tax fraction of the open market value of the supply. The tests of … Continue reading
Retiring trustees are commonly indemnified by the continuing trustees for costs that might arise in the future relating to the trusteeship. An example where resort might be made to such an indmenity is when a retired trustee is later named in proceedings relating to the time of the trustee’s tenure. Where the indemnity is from the continuing trustees the indemnity … Continue reading
A freezing order is not a solution to a problem, but rather acts in the nature of ensuring assets cannot be disposed of so that a future judgment might be of no value. Given the propensity of New Zealanders to have assets held in trusts, it is perhaps refreshing to be able to discuss a … Continue reading
The Court of Appeal has upheld the High Court decision in Glover No 2 Limited v Glover Trust Limitd et ors that a deed of bare trust that was entered into only to avoid a tax liability was a valid document and did not represent a sham. The deed of bare trust was entered into to … Continue reading
Matters of Trust 