Revocable & Irrevocable Trusts. Legal news and articles for September 16 - 30, 2013

Law Commission recommends replacing the Trustee Act 1956LAW OF THE LAND: Beware of 'sham' trusts to evade taxesLAW OF THE LAND: Beware of 'sham' trusts to evade taxesTrust law recommendations releasedEntry Into Force Of The Laws Providing For Registration Of TrustsMartelli McKegg Wells & Cormack | Changes to trust law - what you need to knowLife Insurance is an Option for Dynasty TrustsUpdate On Hong Kong Trust LawNew state law changes I&D rules for some trusts'Trust busting' not focus of law changesYour Legacy & Peace of Mind: Gun TrustsStill alive, Tamposi trust legal wrangling heads to federal courtNew trust rules likelyTrusts In Guernsey – Evolving In An Increasingly Fiscal WorldGuernsey And Trusts – Private Client Structuring

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Establishment Of Registers For Trusts Established In Cyprus
Mondaq News Alerts (registration)September 9, 2013

Any Cyprus-resident trustee of a trust governed by Cyprus law will be obliged to notify the relevant Competent Authority of the relevant information within fifteen days from the creation of the trust or the adoption of Cyprus law as the law governing ...more »

Revocable & Irrevocable Trusts. News and Stories

Law Commission recommends replacing the Trustee Act 1956
Lexology (registration)September 30, 2013

The Commission is recommending that the Government replaces the Trustee Act 1956 with a new Trusts Act that does more than just update and reformulate the 1956 Act. The Commission is proposing an enlarged statute that, in addition to covering the ...more »

LAW OF THE LAND: Beware of 'sham' trusts to evade taxes
Destin LogSeptember 27, 2013

The promoters of these schemes promise tax reduction and asset protection. However, in many cases, the “trusts” do not conform to state law and are in fact nothing more than an illegal tax evasion scheme. Promoters of abusive trust arrangements ...more »

LAW OF THE LAND: Beware of 'sham' trusts to evade taxes
Destin LogSeptember 27, 2013

The promoters of these schemes promise tax reduction and asset protection. However, in many cases, the “trusts” do not conform to state law and are in fact nothing more than an illegal tax evasion scheme. Promoters of abusive trust arrangements ...more »

Trust law recommendations released
Otago Daily TimesSeptember 26, 2013

In the event of a marriage break-up or creditor claims in an insolvency situation, other Acts, such as the Property (Relationships) Act 1976 and the Family Proceeding Acts, would come into play, it said. However, it recommended the courts be allowed to ...more »

Entry Into Force Of The Laws Providing For Registration Of Trusts
Mondaq News Alerts (registration)September 26, 2013

The laws amending the Law Regulating Companies Providing Administrative Services and Related Matters of 2012 and the International Trusts Law of 1992 to 2012 in order to create a register of trusts established in Cyprus were published in the official ...more »

Martelli McKegg Wells & Cormack | Changes to trust law - what you need to know
Linex Legal (press release) (registration)September 24, 2013

On 11 September 2013 the Law Commission presented their review of the Law of Trusts, A Trust Act for New Zealand, to Parliament. The review calls for the adoption of a new Trusts Act and the subsequent repeal of the current Trustee Act 1956. The new ...more »

Life Insurance is an Option for Dynasty Trusts
The National Law ReviewSeptember 24, 2013

Until the 1980s, American trusts could last only about 100 years. Then, many states repealed their laws that limited the duration of trusts. This new style of trust, often called a "dynasty trust" to reflect is unlimited duration, has largely taken ...more »

Update On Hong Kong Trust Law
Mondaq News Alerts (registration)September 23, 2013

The Trust Law (Amendment) Bill 2013 was passed on 17 July 2013, and will come into force on 1 December 2013. This is the first major amendment to Hong Kong's Trustee Ordinance since its enactment in 1934, and the Perpetuities and Accumulations ...more »

New state law changes I&D rules for some trusts
New Hampshire Business ReviewSeptember 20, 2013

New state law changes I&D rules for some trusts. Under the measure, proceeds from non-grantor trusts ... To further this objective, New Hampshire has passed yet another piece of legislation to enhance the favorability of trust administration in New ...more »

'Trust busting' not focus of law changes
Interest.co.nzSeptember 19, 2013

Proposed new trust laws won't necessarily make it easier to "bust trusts" and nor are the Law Commission's proposals the result of international pressure to open New Zealand trusts up to greater scrutiny, says a leading trust lawyer. Chapman Tripp ...more »

Your Legacy & Peace of Mind: Gun Trusts
Lake County Record-BeeSeptember 17, 2013

Dennis A. Fordham, attorney (LL.M. tax studies), is a State Bar-certified specialist in estate planning, probate and trust law. His office is at 55 First St. in Lakeport. He can be reached by email at dennis@dennisfordhamlaw.com or call 263-3235. Print ...more »

Still alive, Tamposi trust legal wrangling heads to federal court
New Hampshire Business ReviewSeptember 16, 2013

Litigation over the trusts set up by the late millionaire developer Sam Tamposi spilled over into federal court last week in a filing against the former trustee's Chicago law firms. In the latest legal development in more than two decades of acrimony ...more »

New trust rules likely
Marlborough ExpressSeptember 16, 2013

Case law has established the "operating manual" for trusts, but case law is arcane and inaccessible to most people, and the commission believes writing trustee duties and obligations into legislation would make them easier to know, and more likely to ...more »

Trusts In Guernsey – Evolving In An Increasingly Fiscal World
Mondaq News Alerts (registration)September 16, 2013

A number of ancillary provisions ensure that existing or resettled trusts will not be invalid because of any change in duration of trust. The Trusts Law permits the establishment of trusts with non-charitable purposes that do not require a class of ...more »

Guernsey And Trusts – Private Client Structuring
Mondaq News Alerts (registration)September 16, 2013

In Guernsey this can be achieved by the shares being held by the trustee of a non-charitable purpose trust. In BVI and Cayman, VISTA and STAR trusts are frequently used. A locally regulated fiduciary will therefore still be required to act as trustee ...more »

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