Trusts Law: Asset Protection, Duties and Taxation
In this not-to-be-missed programme you will take a deep dive into domestic trust tax disclosure obligations, broaden your knowledge of trustee duties and examine the art of asset protection. In addition, learn how to manage a trust-office holder dispute and gain a timely update on recent cases. Receive insights from legal experts who work closely with trusts to ensure you are equipped with the latest information to masterfully tackle the gambit of trust requirements and issues. WEB225NZA01
Description
Attend and earn 4 CPD hours
Chair: Theresa Donnelly, Legal Services Manager, Perpetual Guardian
9.00am to 10.00am Domestic Trust Tax Disclosure Obligations
- Core requirements for trusts subject to section 59BA of the Tax Administration Act
- Small trust threshold
- Requirements for trusts above the small trust threshold
- Reporting metrics
Presented by Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited
10.00am to 11.00am Asset Protection and Dealing with Trust Office-Holder Disputes
- The nature the interests of the settlor, trustee and beneficiary in the garden-variety discretionary family trust
- How the settlor, trustee and beneficiary interrelate: who controls and influences who and how do they do it?
- When and how can the courts be used to resolve issues between trustees or between trustees and beneficiaries?
- What is the position of third parties who deal with trustees of trusts
- How can they protect themselves?
- What rights does the trusts Act 2019 offer them?
Presented by Andrew Steele, Barrister, Princes Chambers
11.00am to 11.15am Break
11.15am to 12.15pm Trustee Duties
- Consideration of trustees’ duties
- Trust deed variation
- Provision of information to beneficiaries
- The role of independent trustee
Presented by Mary Joy Simpson and Emma Tonkin, Partners, Hesketh Henry
12.15pm to 1.15pm Review of Recent Trust Law Cases and Their Implications
Join the team at Morris Legal for a roundup of the recent and important trust law cases you need to know.
Presented by Sally Morris, Partner and Bethan Read, Special Counsel, Morris Legal
Learning Objectives:
- Gain a deeper understanding of domestic trust tax disclosure obligations
- Learn about trustee duties and role of independent trustee
- Receive practical insights on asset protection
- Understand how to manage trust office-holder disputes
- Be updated on recent and important trusts law cases
Presenters
Theresa Donnelly
Theresa Donnelly graduated from Auckland University in 1992 and has over 27 years’ experience in private practice, government and in-house Legal. Theresa is currently the Legal Services Manager at Perpetual Guardian, and is a recognised Elder Law expert. Theresa is formerly from Public Trust (Team Leader) and the Ministry of Social Development, where she was lead Senior in their Public Law Team responsible for advice in relation to Older People’s Policy and the Office of Senior Citizens. She is a regular presenter and speaker for professional groups such as Legalwise, NZLS/CLE, ADLS, STEPS, CCH and other professional organisations.
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.
Andrew Steele
After 32 years as a solicitor and 14 years as a litigation partner with a well-known firm, Andrew Steele begin practice as a barrister sole in 2020. Andrew has over 30 years' experience in civil litigation and was a partner at Chamberlains, before becoming a partner in 2006. Andrew regularly appears as lead counsel in the District and High Courts, the Employment Relations Authority and Employment Court. He has made multiple appearances in the Court of Appeal in Auckland and Wellington and has represented clients in a variety of trust and estates proceedings and disputes, as well as commercial and property disputes and employment relationship problems.
Mary Joy Simpson
A specialist in trust and estate planning law, Mary Joy Simpson regularly reviews and provides advice on personal asset management plans. She is experienced in navigating issues arising for clients and families as they put in place and act under enduring powers of attorney. Mary Joy is a partner with Auckland law firm Hesketh Henry, leading their private client team. Mary Joy has previously presented CLE papers on wills, trust drafting and enduring power of attorney.
Emma Tonkin
Emma moved into private wealth originally from a background in property and property finance. Emma specialises in private wealth, real estate and overseas investment. She principally advises clients on their property rights and obligations; whether they arise through being a settlor, trustee or beneficiary of a trust. relationships between spouses, civil union partners and de-facto partners, investment in New Zealand real estate or land related assets; or lending or borrowing within families. Emma has advised on a wide variety of business and lifestyle assets including forestry, coastal farmland, quarry/mining assets and greenfield residential development. This expertise is valuable for clients because so many of these assets are held in New Zealand through trusts. As an advisor, Emma brings an empathetic approach to her work. She is adept at understanding family dynamics and, enjoys helping generations with their succession planning, particularly as a large part of the private wealth market in New Zealand matures.
Bethan Read
Bethan Read is a Special Counsel at Morris Legal and leads the firm's advisory team. Bethan is qualified in both New Zealand and England and Wales. Bethan specialises in non-contentious private client advisory services and has extensive experience in estate planning and asset protection solutions including trust structures, wills, enduring powers of attorney and all other private client services. Bethan began her career at top tier firms in the Channel Islands and London, where she gained high-level experience in private client advisory matters. More recently, Bethan was a director and head of the trust’s legal team and director of an international trust company based in New Zealand and subsequently worked for a national New Zealand law firm, providing her with invaluable insight on the needs of both clients and trustees. Bethan is an affiliate member of STEP and holds a STEP Advanced Certificate in Trust Disputes.
Sally Morris
Sally is the founding partner of Morris Legal. She is admitted as a Barrister and Solicitor in New Zealand, New South Wales and New York and has a Master of Laws Degree from Columbia University in New York. Sally has an established reputation in the field of trust, estate and relationship property disputes, appearing regularly in the Family Court, High Court and Court of Appeal on behalf of trustees, beneficiaries, executors, charities and private clients.