Posts Tagged ‘Advisory Trustees’

Trusts Bill

March 6, 2017

Some key proposals

In late 2013, the Law Commission completed a report recommending that a new Trusts Act replace the Trustee Act 1956. The public consultation phase began last December with the release of the exposure draft Bill. It is intended that the new legislation will be the primary source of trust law in New Zealand. We outline below some key proposals.

trustsbill

Definition

Most trusts in New Zealand are established with a written trust deed or other document such as a Will. These are known as ‘express trusts.’ The Bill only applies to express trusts. Characteristics of express trusts are defined in the Bill as:

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Parallel Trusts: Could be the best option for you

March 29, 2016

With the growth of multiple relationships and blended families many couples are having to consider ways to ringfence assets and protect inheritances. One option is to establish parallel trusts – so you each have your own trust for your share of the assets.

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FATCA and New Zealand Trusts

May 4, 2015

North American Bald Eagle on American flag

Many trusts may require registration with the United States’ IRS under the FATCA regime

The US Foreign Account Tax Compliance Act (FATCA) has been in force in New Zealand since June 2014. FATCA is a complex piece of legislation established to prevent tax evasion by requiring foreign financial institutions to register and report to the IRS in relation to any accounts held on behalf of US citizens.

All New Zealand entities considered to be ‘foreign financial institutions’ under the FATCA regime should have been registered on the IRS website by 31 December 2014. (more…)

Waipa District subdivision rules to change

June 2, 2010

Here is a letter from CKL setting out the proposed changes Waipa District Council are planning to make to their subdivision criteria.

The latest Trust eSpeaking

March 19, 2010

The latest Trust eSpeaking – hot off the press

Trust eSpeaking

In this issue:

  • Division of Trust Assets on Separation: Family Proceedings Act can apply
  • What Type of Trust do you Have? Important tax implications
  • Advisory Trustees: all care and not the responsibility

The next issue of Trust eSpeaking will be published in September.