Trusts Law Symposium
If you work with Trusts this is a must attend event. Condition your skills to expertly tackle the more complex and difficult situations that can arise when creating and dealing with a trust. You will work through the spectrum of trustee issues, recent legislative changes, tax and remedies. Receive insights from legal experts who work closely with trusts to ensure you are equipped to identify red flags and ready to tackle any trust issue that arises in your practice. WEB223NZA28
Description
Attend and earn 7 CPD hours
Session 1
Trustee Issues: Working through the Complexities
9.00am to 9.05am Opening Comments by the Chair
9.05am to 9.45am Corporate Trustees Controlled by a Sole Beneficiary
- New Zealand and Australia approve their use
- Is this the most significant change in Trust law in recent times?
- Using them to allow a beneficiary to self-benefit
- Avoiding the need for an independent trustee
- Will the IRD approve of their use?
- Will the Courts uphold them?
Presented by Anthony Grant, Barrister
9.45am to 10.50am Professional Independent Trustee Companies: Risk Management
“… the fruit of this union of the law of limited liability companies and trust law has been described “as a commercial monstrosity.”: HAJ Ford “Trading Trusts and Creditors’ Rights” 13 Melb UL Rev 1 at 1.
Discuss the practical aspects of professional independent trustee companies and how to manage the relevant risks by reference to the:
- Income Tax Act 2007, the Trusts Act 2019 and the Companies Act 1993
- Terms of trusts that permit the appointment of a corporate trustee
Presented by Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited
10.50am to 11.05am Morning Tea
11.05am to 12.10pm Trustee Liability, Exemption Clauses and Indemnities
- Understanding trustee liability and the extent to which exemptions and indemnities will be permitted
- Examining whether existing exemptions and indemnities will be valid
- Considering the duties of advisers in respect of liability limitation
Presented by Carmel Walsh, Barrister, Bankside Chambers
12.10pm to 1.15pm Trustee Capacity and Removal
- Capacity of trustees and power holders
- Dealing with health professionals
- The trustee removal process and the procedure under the Trusts Act 2019
Presented by Greg Ambler, Senior Associate, TGT Legal
Learning Objectives:
- Understand what to do when a sole beneficiary controls a corporate trustee
- Consider the practical aspects of using an independent trustee company and the risks
- Develop an understanding of trustee liability, exemptions and indemnities and duties
- Gain practical insights into trustee capacity and removal
Session 2
Trusts: Tax, Remedies and Legislative & Case Updates
2.00pm to 3.00pm Issues Arising Under the New Trusts Act
The Trusts Act 2019 is here. It is something with which we must all become familiar. But, although some provisions are familiar, others are more exotic. Further, being such a new piece of legislation, judicial guidance, particularly by the appellate courts, is wanting.
- Discuss a number of practical issues that might arise under the Trusts Act. (We will not, except in the broadest terms, outline the operation of the Act)
- Focus on discrete issues of practical importance to trust practitioners and their clients
Presented by Sam Jeffs, Barrister, Bankside Chambers and Thomas Refoy-Butler, Partner, MacKenzie Elvin
3.00pm to 4.00pm Tax and Trusts
- Gain a recap of the key issues regarding the taxation of trusts
- Discuss recent legislative and other developments
Presented by Tim Stewart, Special Counsel, Mayne Wetherell
4.00pm to 4.15pm Afternoon Tea
4.15pm to 5.15pm Remedies Against Third Parties: Who Else May be Liable?
- Gain a refresher on established principles of third-party liability
- Discuss recent developments in the areas of dishonest assistance, knowing receipt, and profits made by third parties
Presented by Shane Campbell Partner and Jordan Halligan Associate, Wynn Williams
Learning Objectives:
- Be updated on the issues arising under the new Trusts Act
- Ensure you are up to date on tax and trusts
- Receive a refresher on third party liability and remedies
Presenters
Tammy McLeod
Tammy is the Managing Director at Davenports Law and a trust and asset structuring specialist with over 20 years legal experience specialising in the areas of personal asset planning, trust law and Property (Relationships) Act. Tammy leads the Davenports Trust Team and, before joining Davenports in 2004, was a senior solicitor in a boutique trust practice. She is one of a handful of lawyers nationally who specialise solely in the area of trusts and asset planning, and a leading lawyer in her field.
Anthony Grant
Anthony Grant is a highly experienced civil litigator. He regularly advises and appears in the senior Courts on issues involving Trusts and Estates. He writes and speaks extensively on these topics and he also has a wide knowledge of international Trust and Estate law. His practice is based in Auckland.
Vicki Ammundsen
Vicki is the director at Vicki Ammundsen Trust Law Limited, which she established in 2015, and the author of a number of books on trusts and trustees including Taxation of Trusts, ed 3, Trustee Liability and the Trustee’s Handbook, ed 4 (all CCH New Zealand Limited). She has presented at conferences in New Zealand and internationally on wills and estates, trusts and the law of equity. Vicki also produces the blog Matters of Trust as a resource to share up to date trust law knowledge. Vicki uses her day to day experience with trusts and estates and her deep knowledge of New Zealand and international case developments to underpin her practical, solutions-focussed approach to dealing with trust and family law issues. She firmly believes that trusts have an important role to play in inter-generational asset management, but that this is risked by a lack of understanding of effective or appropriate trust management that too often leads to misunderstanding or abuse.
Carmel Walsh
Carmel has over 25 years’ experience as a litigator in New Zealand, Hong Kong, and England. She was admitted as a barrister and solicitor in New Zealand in 1993; and a solicitor and solicitor advocate (Higher Courts Civil) in London in 2000/2001. She holds both a New Zealand and English practising certificate. Carmel is a former contributing author to Informa’s Reinsurance Practice and the Law, and a former secretary and editor of the Negligence and Damages committee of the International Bar Association. Since returning to New Zealand Carmel has specialised in property litigation, equity and trusts, estates litigation and relationship property, particularly where complex issues arise requiring expert forensic accounting evidence. Carmel sits on the board of the New Zealand Symphony Orchestra, NZTrio and the New Zealand Opera School.
Greg Ambler
Gregory Ambler is a senior Associate at TGT Legal, a boutique law firm based in Auckland specialising in trusts and personal asset planning. He provides advice and opinions on legal issues relating to trusts, estate planning, relationship property, estates, and wills. He assists with the establishment, administration and restructuring of trusts and charities, and works with trustees, executors, beneficiaries and other stakeholders, advising them on their rights and obligations.
Tim Stewart
Tim advises on New Zealand tax and trust law issues. His tax practice focuses on financing transactions, and customs and excise issues. Tim also advises high net worth individuals and family trusts on tax and associated trust issues, as well as on the tax consequences of individuals migrating to New Zealand. Tim's clients have included Westpac, Bank of New Zealand, and ExxonMobil. His experience includes advising on transactions, obtaining binding rulings from Inland Revenue and representing clients in tax audits, disputes and litigation.
Sam Jeffs
Samuel Jeffs is a barrister at Bankside Chambers specialising in commercial and civil disputes. He has advised and acted for parties in a wide range of disputes arising from contracts, joint ventures, shareholdings, construction projects, and trusts and estates. Sam has appeared in a number of courts, including successfully in the Supreme Court, and various specialist tribunals, including arbitrations. Sam graduated from Oxford with a BCL (Distinction) and the University of Auckland with BA/LLB(Hons) degrees, where he was a Senior Scholar for both Law and Arts. Sam has spoken at conferences and has also published a number of articles.
Thomas Refoy-Butler
Thomas is a Partner of Mackenzie Elvin Law and is an experienced litigator providing strategic advice and representation to clients in relation to commercial disputes and regulatory litigation. He has particular experience in contractual disputes, trusts, employment, insolvency, interim relief (injunctions and freezing orders) and regulatory litigation and investigations. He also has experience as sole and junior counsel acting for private and corporate clients, including Crown entities, in both civil and criminal proceedings in the District Court, High Court and Court of Appeal. Thomas is an Associate Member of the New Zealand Institute of Directors and a Board Member for Athletics Waikato Bay of Plenty. Thomas started his career in Auckland in a specialist litigation practice and subsequently worked for two national law firms before relocating with his family to Tauranga at the beginning of 2019.
Shane Campbell
Shane is a dispute resolution partner at Wynn Williams. Shane has appeared in the District Court, High Court, Court of Appeal, arbitrations, adjudications and in disciplinary matters for professional liability matters. He specialises in complex commercial disputes. He has a particular interest in contentious trusts and estates, contract and company matters, negligence and insolvency. Shane previously worked as a Judges' Clerk for the High Court at Christchurch. He has a first class honours degree in law from the University of Canterbury where he won several prizes throughout his degree. Shane is a member of the NZLS Civil Litigation and Tribunals Committee and regularly contributes to academic articles.
Jordan Halligan
Jordan is an Associate in Wynn Williams’ Dispute Resolution Team. His practice covers all aspects of civil and commercial litigation, with a particular focus on trust and fiduciary law, contractual and negligence claims, and company disputes. Jordan provides support at hearings and in ADR settings to barristers and senior lawyers within the firm, as well as appearing as sole counsel on interlocutory matters. He has appeared for clients in the Court of Appeal, High Court, District Court and Family Court. An Affiliate of the Society of Trust and Estate Practitioners (STEP), Jordan is currently studying toward a STEP Diploma in Trusts and Estates. Jordan is a regular contributor of articles in various legal journals, has previously tutored and lectured law at the University of Canterbury, and currently tutors at the University of Auckland.