How you can help avoid a claim on your own estate
In December 2015 the Sunday Star Times reported on a dispute amongst the members of the Ropati family in respect of their mother's estate.
Read more…Help is here for a settlor who leaves New Zealand. In New Zealand we have a settlor-based tax regime. In broad terms if a trust has a New Zealand tax resident settlor for any part of an income year the trust is taxed on its worldwide income.
Will your charitable donations reach the right people?
Many people consider leaving money to charity by their Will. This can be their whole estate, or just a specific amount or part of an estate. Many family trust deeds include, in the list of potential beneficiaries, either specific charities or charities generally. Many of us also are in the habit of making donations to charities each year. There are also websites where particular causes or people in need are highlighted.
It is always good to review who your trustees are...
If you set up your trust some years ago, it may be time to consider whether the trustees you appointed are still right for the role. Does a trustee wish to retire? Should you consider changing the trustees of your trust?
Read more…Companies acting as corporate trustees: 28 October is a critical date
As from 28 October 2015 a company must have at least one director who either: lives in New Zealand, or lives in Australia and is a director of a company incorporated in Australia.
Failure to comply with this requirement (s10, Companies Act 1993) means the Registrar 'must' remove a company from the New Zealand companies register (s318(1)(aaa), Companies Act 1993).
If the above circumstances apply to you, you must contact us urgently.
IRD numbers will be required for trusts to buy and sell residential property from 1 October 2015
This could cause a problem for any trust if the sale or purchase is due to settle after that date. Even if settlement is due before 1 October, there is a risk unexpected delays could mean that settlement is not completed until after that date and the trustees could be caught by the new rules.
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