The Law Commission is currently undertaking a review of trust law and has produced a Report, which recommends that a new Trust Act be introduced. The recommendation is that the new Act would replace the current Trustees Act 1956 and address a number of areas which the Law Commission believes […] Read More›
Trusts
It is becoming increasingly common for New Zealanders to leave the country indefinitely. Many of those people have established Trusts while here in New Zealand and choose to leave in place their family Trust owning various assets, including property. For the majority of Trusts tax treatment of income and distributions […] Read More›
The Court of Appeal has now confirmed the High Court’s position that only $27,000.00 per annum is allowed for the rest home subsidy exemption. Historically most trusts have had couples gift $54,000.00 per annum based not only on professional legal advice but also on the Ministry of Social Development’s own […] Read More›
Many people may not be aware that the Court has both inherent power and Statutory power to appoint a new trustee or trustees in various situations. Specifically where a trustee has: misconducted themselves in the administration of the Trust been convicted of a crime involving dishonesty becomes mentally […] Read More›