Many people may not be aware that the Court has both inherent power and Statutory power to appoint a new trustee or trustees in various situations. Specifically where a trustee has: misconducted themselves in the administration of the Trust been convicted of a crime involving dishonesty becomes mentally […] Read More›
Trusts
The Ministry of Social Development (“MSD”) has recently obtained support through a decision of the High Court in respect to the assessment of gifts made by couples for Rest Home Subsidy Application purposes. Throughout the country couples were making gifts of $27,000.00 each as part of their gifting programme which […] Read More›
The High Court has recently made it clear that co-trustees cannot expect full reimbursement where the other trustee or trustees have been the cause of a loss for which the trustee is liable. In Selkirk v McIntyre [2013] NZHC 575, Selkirk was a trustee of McIntyre’s family trust. The family […] Read More›
Since the abolition of gift duty there has been a significantly greater focus by the Ministry of Social Development (“MSD”) on the criteria for residential care subsidies. Many people have for a long time had a gifting programme whereby people forgiving advances to their family trust would forgive that debt […] Read More›