Ken and Mary work in the same legal firm, both focusing on tax and succession. Ken is a bit older and therefore a bit more experienced. Mary is somewhat sharper in her technical knowledge. They work together well, often sharing the workload. Will and...

Takeaway points: Take care when doing anything involving a discretionary trust. Consider section 54 of the Duties Act 1997 before changing a trustee and make sure the change of trustee document addresses the requirements for any transfer of dutiable property...

Snapshot Never assume that just because its farming land and your clients are related that s274 will apply Read the section carefully (and every time) especially if there are trusts, companies and superfunds involved Consider the ruling if an aspect of s274...

Peter and Patricia have instructed you to prepare their wills. Peter and Patricia own where they live and also two commercial properties, each worth about $3 million and subject to a mortgage of  $2.5 million.  They have a share portfolio, which they started...

Snapshot When an interest held in a private company/unit trust increases and the private/company unit trust owns the land, consider whether the land holder duty is payable Where the land holder duty is payable, also consider whether the private company/unit...

Takeaway points Always be aware of the terms of Trust deeds. Always communicate with your client’s accountant when property is sold Beware that problems that can arise at the end of the financial year. Fred is a third generation local farmer for whom...