Posts Tagged ‘trusts’

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…)

‘Reading of the Will’ – Busting some of the myths regarding Wills

September 27, 2013

There are a number of common assumptions made about access to a person’s Will and what happens after the Will-maker has died.

 ‘Reading of the Will’ (more…)

‘Tis the season to be giving…or is it?

October 6, 2011

ConfusedFollowing the abolition of gift duty on 1 October, we publish a special edition of Fineprint here.

You may be considering whether to complete your gifting programme in one fell swoop – or perhaps not.

Everyone has their own reasons for establishing a trust, and your own individual situation will be unique to you and your family. Completing your gifting programme in its entirety may not be the best step for you.

Do get in touch with us so we can talk about the best path forward for you and your particular circumstances.

Latest Trust eSpeaking

September 14, 2011

We publish the latest edition of Trust eSpeaking here.

In this edition:

  • Let’s give it all way – It’s not that straightforward
    With the abolition of gift duty from 1 October 2011 the first thought for most people who have a family trust would be “Let’s give it all away”
  • Rest home care – Don’t expect government hand-outs
    After gift duty comes to an end from 1 October, one thing will still be clear: you can’t give everything away to a trust and then expect to rely on state assistance because you don’t own any assets…
  • Trustee Liability – As vendor under an Agreement for Sale & Purchase Trustees are the legal owners of trust property and are personally liable for warranties given under an Agreement for Sale & Purchase. Trustees should be very careful about giving warranties
  • Trusts and tax – The Supreme Court has spoken Using a trust – or any other structure such as a company – to reduce your income is
    not straightforward. If you push the boundaries too hard you may end up having to pay a lot more. The latest Supreme Court decision provides a useful warning

Latest EJ update

December 22, 2010

johnny automatic Christmas wreathThe latest EJ update is available here.

In this issue:

  • Trust review
  • A commercial property opportunity in Te Awamutu
  • New debt recovery service
  • Update on gift duty changes
  • Stay informed with email alerts from the Edmonds Judd website

If you wish to discuss anything in the EJ update please don’t hesitate to contact us.

Edmonds Judd will be closed for the holiday period from 12:00 pm on Thursday, 23rd December 2010. The office will reopen on Monday 10th January 2011 with a skeleton staff between the hours of 9:00am and 3:00pm. A full complement of staff will be available from 8.30am Wednesday, 19th January 2011.

Have a merry and safe holiday!