Trusts

The High Court has recently made it clear that co-trustees cannot expect full reimbursement where the other trustee or trustees have been the cause of a loss for which the trustee is liable. In Selkirk v McIntyre [2013] NZHC 575, Selkirk was a trustee of McIntyre’s family trust.  The family […] Read More›

Since the abolition of gift duty there has been a significantly greater focus by the Ministry of Social Development (“MSD”) on the criteria for residential care subsidies. Many people have for a long time had a gifting programme whereby people forgiving advances to their family trust would forgive that debt […] Read More›

From time to time we come across situations where a trust has been established with the settlors of the trust also being appointed as the trustees of the trust without an independent trustee. Independent trustees are important in any trust structure for a number of reasons, however, one issue that […] Read More›

You can now gift an unlimited amount tax free as gift duty has been abolished. Accordingly, while it is still necessary to properly record and document any gift that is made, there is no longer a need to report any gifting to the IRD. Please be aware though that this […] Read More›

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