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Gifts made when insolvent can be voided, that is the gift is reversed. This means that if a person is bankrupted any gifts made within the 2 years prior to bankruptcy are voidable as against the Official Assignee (this means that any gifts must be paid back to the bankrupt’s “estate” and can be used … Continue reading
The Sunday Star Times (27 November 2011, D4) questions whether trust professionals are “urging people with family trusts to continue gifting at $27,000 a year despite the abolition of gift duty … to bolster their own profits.” Jonathon Cron of New Zealand Trustee Services is quoted as saying that “compliance saving [as a result of … Continue reading
With the abolition of gift duty, it is now possible to gift substantial sums without the imposition of gift duty. However, before making any substantial gift, whether to a trust or some other person (or company), it is important to appreciate that some gifts can come back to bite. Prior to the abolition of gift … Continue reading
Matters of Trust 