Many family assets in New Zealand are owned by a family trust. The trustees of such trusts must comply with a wide range of duties and obligations. This article considers one of those duties, the trustee duty of impartiality, and what this duty means in practice, particularly when trustees want to distribute trust assets unequally… Read More.

There are over 25,000 charities registered with Charities Services in New Zealand. Most of these organisations operate as charitable trusts. Whatever their size, charitable trusts are dependent upon the energy and commitment of their trustees. The purpose of this article is to outline some of the issues you need to think about if you are… Read More.

The Supreme Court in Erceg v Erceg [2017] NZSC 28 has confirmed the court's important role in supervising trustee decisions to not disclose information to beneficiaries. In clarifying the court's supervisory role, this decision should assist beneficiaries in holding trustees to account. Erceg replaces the Privy Council decision of Schmidt v Rosewood Trust Ltd [2003]… Read More.

If you’re looking forward to spending less time in your business and more on enjoying your life as you head towards retirement, then you’re not alone. Like many of our clients, you’re of the baby-boomer generation who have worked hard for decades to generate income and now want to sell your business or plan the… Read More.

[Winter 2014] Although gift duty has been abolished and it is no longer a requirement for gifting documents to be filed with the Inland Revenue Department, it is still necessary to properly record and document any gifts that are made. Unless this is done, if you have been carrying out a gifting programme, any balance… Read More.

[Summer 2015] One of the difficult decisions a family may consider is whether to set up a family trust. This article looks at the advantages and disadvantages of family trusts. What is a Trust? A trust exists whenever one person, a settlor, gives property to another person, a trustee, to hold for the benefit of… Read More.

[Spring 2014] Trustee obligations If you have agreed to act as a trustee, there are some very strict obligations that you have to comply with. You must: be familiar with the terms of the trust strictly comply with the terms of the trust be impartial and fair to all the beneficiaries invest trust money only… Read More.

[Winter 2015] Prior to October 2011, if you gifted more than $27,000 to any person or trust in a 12 month period, you would have to pay gift duty. So, if you wanted to transfer an asset to your trust, you sold it to the trust and the trust owed you the purchase price. Every… Read More.