Sentences with phrase «discretionary trust»

Our firm looks forward to helping establish the law in BC on family trust property division and valuations of spouse's interests in discretionary trusts.

With such high expectations, one would therefore have expected the new rules to make clear that offshore discretionary trust structures are a primary target.

A # 55 million landed estate involving the death of a husband and wife in quick succession, heritage relief claims, re-financing and a negotiated settlement of potential claims against the estate and claims from potential beneficiaries of discretionary trusts.

The value to practitioners of focusing on the administrative and compliance aspects of running a nil rate band discretionary trust at the outset lies in, first, reminding trustees that they need to manage these arrangements actively, and, second, avoiding the problem of funding trust administration costs in the future.

The Saskatchewan Court of Appeal relied on several BC cases dealing with discretionary trusts and held that the «if and when» order made by the trial judge was inherently unfair and defeated the equitable division of family property contemplated by the Act.

Vancouver Discretionary Trust Valuation Lawyers 1-877-602-9900 handle complex high net worth family disputes.

Moore Blatch warns, however, that hundreds of thousands of wills may need reviewing as they will include historic IHT management measures including the use of Nil Rate Band Discretionary trusts in their wills.

It raises the question: can absolute discretionary trusts, also known as Henson Trusts, be taken into account in eligibility criteria for social programs, like a housing subsidy or social assistance?

More recently, he has advised and assisted other Jersey advocates on various contentious and non-contentious trust matters, including submissions to make on behalf of an Indian charity opposing the winding up of a Jersey discretionary trust, whether a Jersey trust company could set aside the registration in Jersey of a judgment against it in the English High Court, and the rights of beneficiaries of a Jersey trust in respect of the management of companies and other property owned by the trust.

In particular, they have passed the Massachusetts Alimony Reform Law, and have introduced a new law that revises previous claims on discretionary trusts once divorce happens.

Elspeth frequently advises individuals in connection with Wills, Personal Injury Trusts and Disabled Discretionary Trusts.

Last year's special commissioner's decision in Phizackerley v Revenue & Customs Commissioners [2007] UKSPC SPC00591, [2007] STC (SCD) 328 was presented in some quarters as a threat to nil rate band discretionary trust planning or even to will trust planning in general.

The popular press inveighed against the Phizackerley decision as being against discretionary trusts.

For example, where a spouse is a potential beneficiary under a valid discretionary trust, the court can not force the trustees to make any dispositions to the same spouse.

[32] The claimant notes, again, that there is no existing judicial consideration of the relevant provisions of the FLA and correspondingly, no established approach or methodology to valuing beneficial interests in discretionary trusts.

A&M trusts were a form of discretionary trust but exempt from the 10 - year and exit charges.

Nil - rate band discretionary trusts are a good source of business today with rising property prices.

It is therefore to be expected that most English companies ultimately owned by offshore discretionary trusts with a corporate trustee will simply record (with adequate justification, on the basis of the rules as they stand) that there are no identifiable PSCs.

Leeds» ownership statement say no single person or company owns more than 10 % of the discretionary trusts.

The second mortgage, used to establish a discretionary trust for Pat, is for $ 234,000.

None of this filing jointly stuff meaning opportunities to income split are limited (unless you can divert profit share from a business via a discretionary trust to your spouse and other family members).

Previous decisions in the litigation include Mezhprom v Pugachev [2015] WTLR 1759 (CA)(freezing injunctions against trustees of purported discretionary trusts) and Mezhprom v Pugachev [2016] 1 WLR 160 (CA)(disclosure of information about discretionary trusts).

An important «trust busting» decision in which a settlor of five discretionary trusts was held to be the true owner of the trust assets.

In addition, couples who have left their estates to a Discretionary Trust on the second death ought to review their wills.

The new IHT allowances mean that previously prudent IHT planning measures such as establishing a Discretionary Trust will need to be carefully considered and may now need changing.»

This provision is often included to protect assets for the children against divorce, bankruptcy, spend - thriftiness or some sort of disability, but now if the money goes to a Discretionary Trust then the new residence Nil Rate Band can't be used.

Alternatively, the assets held in a discretionary trust may be exhausted because the trustees have exercised their discretion and decided to pay out all of the assets to the beneficiaries.

The trustee of a discretionary trust is obliged to give due consideration to each exercise of their discretion in accordance with both the terms of the trust document and trust law more generally.

Vancouver Discretionary Trust Valuation Lawyers, Lorne N. MacLean, Q.C. and Amalia Schon prepared an important paper on «interests» in discretionary trusts which was presented by Mr. MacLean at the Family Law Advocates...... Read Full Post

The judge in Oco was not convinced that either issue made much sense in the context of a trust but he nevertheless considered whether the discretionary trust documents really reflected the terms of the trusts and whether the trustee's actions were consistent with a discretionary trust.

Lorne N. MacLean, QC, heads our BC beneficial interest in a discretionary trust and family trust property division legal department across BC.

Lorne MacLean, QC and Audra Bayer — MacLean Law beneficial interest in a discretionary trust division lawyers

The recent Saskatchewan Court of Appeal decision in Grosse v Grosse, 2015 SKCA 68 (CanLII) applying similar language to our new Act found a beneficial interest in a discretionary trust to be family property and held that:

We would be honoured to help you and to further the law in British Columbia on how to value and divide a spouse's beneficial interest in a discretionary trust just as we helped set the law on child custody and support in the leading cases of Young and Leskun in the Supreme Court of Canada.

Sections 84 and 85 of our Family Law Act set out the scheme for how the gain in value of a spouse's interest in a discretionary trust is to be shared:

But section 84 (2) says the gain on a spouse's beneficial interest in property held in a discretionary trust is shared:

She also notes that there has been considerable academic commentary and debate on this issue and she refers, as an example, to Freedman and White, Financial Principles of Family Law, where the authors identify a number of factors that may be relevant to the valuation of an interest in a discretionary trust as follows:

MacLean has also educated BC lawyers and written articles on family trust division and valuation issues related to a contingent interest under a discretionary trust.

In Stober v. Stober 2015 BCSC 2505 the parties argued over whether an expert could be appointed to deal with a beneficial interest in a discretionary trust on a case headed for trial in BC and their lawyers argued different courts have applied different approaches and that no beneficial interest in a discretionary trust decision has occurred yet in BC.

MacLean and his team of top rated family property division lawyers (selected once again as Vancouver's Best Family Law firm), have been closely watching the new Family Law Act family trust property division and beneficial interest in a discretionary trust interest valuation case law develop under the new Family Law Act.

Some trust lawyers argue that a beneficial interest in a discretionary trust is not «family property» because no one would buy it and if it is property it is worthless as no buyer would pay to buy a beneficial trust interest in property they could not compel be paid out to them.

One thing all BC family lawyers agree on is that, the division of a spouse's family trust interest and of their beneficial interest in a discretionary trust plus dealing with the valuation of their trust interest coupled with a balancing of the rights of competing beneficiaries will be complicated.

It is not clear to me that the concept of fair market value, which is the central question to be posed to Mr. Spence, even has any meaning or application to beneficial interests in a discretionary trust, again, given the likely absence of any market for such interests.

This recent judgment provides guidance as to what a trustee must consider when exercising a discretionary power of appointment and commentary on the distinction between bare and discretionary trusts.

Their father's will (he died a year before his wife) included a nil band rate discretionary trust — correct tax advice at the time, but leaving no unused nil rate band that could be transferred to his widow's estate.

Under the Trusts Act 2001, a settlor may set up any of the following types of trust: protective trust or spendthrift trust, maintenance and accumulation trust, interest in possession trust, discretionary trust, charitable trust, purpose trust and commercial and trading trust.

Entitlement to the NRB legacy may be in fixed proportions or the subject of a discretionary trust for named beneficiaries.

As with pre-FA 2006 discretionary trusts, an 18 — 25 trust which has a value within the IHT nil rate band (currently # 300,000) is unlikely to incur these additional IHT charges.