It is widely believed that having the family farm in a trust is the best form of farm asset protection. But does a trust protect your farm from a relationship property claim? A trust does offer protection from a relationship property claim , however it cannot be relied upon as the sole means of protection. […]
Have you ever heard someone say, “I don’t want to be kept alive artificially”? Some people have very strong views about being kept alive in a vegetative state, or being kept on life support. Have you ever thought about how you would want to receive treatment if you were ever in such a situation? It […]
Recently I was talking to a client who was worried about his elderly parents. Although still living in their own home they could no longer live independently. They had been assessed as needing full time residential care. My client was concerned about how his parents would be able to afford to live in a rest […]
If you have Facebook, Twitter, Instagram or KiwiSaver then you need a Will. Did you know that your Will can set out what you want to have happen with your Facebook, Twitter, Instagram, and other online accounts? How do you want your profiles managed after your death? Many young people feel that they don’t need […]
Since the abolition of gift duty on 1 October 2011 many people are asking whether they should gift away all of the debt which their Trust (or others) might owe them. This month we look at some of the issues that you need to consider before making your gifting decision. The answer to this question […]
In 1987 Mr and Mrs B established the B’s Family Trust. They advanced large sums of money to the Trust with debts back. For the 17 years prior to 2004, Mr and Mrs B each gifted $27,000.00 annually to the B’s Family Trust until the original debts were gifted away. Because no gift duty was […]
New clients recently asked me to review their affairs after one of them had received unsettling news about their health. Several years earlier their (then) Accountant had formed a Trust for them. One of the Trustees was the Accountant. With the help of their (then) Lawyer, they had transferred their house and their business premises […]
As a lawyer specialising in trusts I am often asked by clients whether they should gift all of their debt to their Trust. Since the abolition of gift duty it is now possible for individuals to gift away all of the debt which their Trust owes to them. Previously, it was limited to $27,000.00 per […]
Are you a trustee of a trust? You need to know that major law changes are coming. In 2009, Parliament asked the Law Commission to review the Trustee Act 1956, and trust law in New Zealand generally. Parliament recognised that a significant proportion of New Zealanders hold their assets within a trust and so it […]
