Niue Islander using Family Trust

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My husband decided that we should make a video about the Family Trust, and how important it is for us as Niuean's to have a better understanding of how this can benefit our next generation.
Family Trust is a system where family members comes together to put together ideas and ways to look after any family wealth, fortunes, properties and business, for generations to enjoy.
Parents who starts up their Family Trust, their children and many generations will benefit from a lot of opportunities available in the Family Trust system.
Gifting is one basic tool to allow the family to enjoy
Gift Duty
Duty was payable on gifts made by individuals based on a scaled rate. There was an exemption however, of up to $27,000 per annum for gifts made to those for whom you had 'natural love and affection' for - basically family members. The Estate and Gift Duties Act 1968 has been repealed so no duty has been payable on gifts made since 1 October 2011. The removal of gift duty was justified on the basis that the cost for IRD to administer the system did not justify the revenue earned, and that other laws were in place to ensure people did not abuse the system. This includes laws to allow the effective reversal of gifts in circumstances where they have been made to avoid responsibilities (e.g. matrimonial, business, creditor, Government benefit). It is important to note that social security policy was not changed when gift duty was removed.
Gifting to a Trust
When a Trust is established, assets are usually sold by the individual(s) settling the Trust. In exchange, the Trust gives the settlor(s) an IOU. The result of this is no change in the value of assets held by the individual(s) as they have simply swapped their assets for an IOU from the Trust. The next step is for them to reduce the IOU over time by making annual gifts until the debt is fully forgiven. The ‘standard’ amount of gifts has been $27,000 per person, per annum based on the gift duty exemption and WiNZ practice when considering residential care subsidy applications.
Residential Care Subsidy
This subsidy is in place to help with the cost of long-term residential care in a hospital or a rest home. There are asset and income thresholds that applicants must meet in order to qualify for a subsidy. The current asset
thresholds (from 1 July 2013) are: