Farm Succession and Family Trusts
Are you across the nuances of farm succession matters? In this programme you will gain the knowledge and skills you need to effectively advise your clients. Examine the planning process and your role as a professional. Be updated on wills and the implications of relationship property. Take a deep dive into trust restructures, resettlements and tax. Plus learn to identify the areas that could potentially cause a dispute down the track and how to avoid them. WEB226NZA18
Description
Attend and earn 4 CPD hours
Chair: Emma Tomblin, Partner, Duncan Cotterill
9.00am to 9.05am Opening Comments by the Chair
9.05am to 9.50am The Family Farm Succession Planning Process and Your Role as a Professional
- Process that farming families go through as part of family succession
- How family succession should work
- Dos and don’ts of communication
- How professionals should work with families
Presented by Richard Parkes, Partner, Cavell Leitch
9.50am to 10.35am Wills for Farming Families: Key Considerations
- Who is the best executor?
- What assets are we dealing with and can we do so under the will?
- Have we dealt with loans and gifts?
- Have you taken into account your obligations under the Property (Relationships) Act?
Presented by Alana Crampton, Partner, Tavendale and Partners
10.35am to 10.50am Morning Tea
10.50am to 11.35am Traditional Farm Structures: Are They Fit for Purpose and the Implications of Change
- The suitability of using traditional farm asset protection structures
- Inheriting an existing structure and the things to look out for under the new Trusts Act
- The relationship property implications of using existing entities and restructuring
Presented by Stephanie Ambler, Partner and Tomasina Antunovich, Senior Associate Tompkins Wake
11.35am to 12.20pm Spotlight on Trust Restructuring and Resettlements and Tax
- Resettlements and other forms of restructuring explained
- What effect does the Trusts Act have on restructuring?
- Are there tax issues?
Presented by David McLay, Barrister
12.20pm to 1.05pm Avoiding Disputes Down the Road: Update on Recent Case Law and Examples
Join the Morris Legal team as they provide practical guidance and tips on how to recognise potential areas where a dispute could arise and how to mitigate them.
Presented by Sally Morris, Partner, Morris Legal and Georgia Angus, Partner, Morris Legal
1.05pm to 1.15pm Final Q&A and Closing Comments by the Chair
Learning Objectives:
- Learn useful tips to advise on the process and understand your professional role
- Receive practical guidance on draft wills specific to farms and families
- Consider how relationship property can affect succession
- Ensure you are up-to-date on trust restructuring, resettlement and tax
- Receive valuable advice on how to avoid disputes
Presenters
Emma Tomblin
Emma is an experienced commercial, property and trusts lawyer in the Christchurch office of Duncan Cotterill with a particular interest in agribusiness and trusts. Emma advises on a wide range of property work, commercial transactions and asset protection and succession planning matters, often in the agribusiness space with farming families across a broad range of rural sectors (dairy, sheep and beef, arable). Emma is a trust law expert and regularly advises farming clients on trusts involved in farm ownership structures and succession plans. Emma is a member of the Property Law Section of the New Zealand Law Society and the NZ Institute of Primary Industry Managers as a rural professional advisor. Emma is also on the trusts law committee for the Canterbury-Westland branch of the New Zealand Law Society.
Richard Parkes
Richard Parkes is a principal in the property team at Cavell Leitch. He specialises in all aspects of property law work whether it be rural, residential or commercial property. He has become a leading legal expert in Agribusiness matters and regularly presents at rural professionals seminars and conferences throughout New Zealand. He acts for many rural companies and farmers throughout the South Island assisting them with sales and purchases, rural leasing, trust and company restructurings and equity partnerships, especially in the grazing and dairy sectors. Richard also has a particular interest in assisting farming families with farm succession plans and asset protection structures. He has considerable expertise in high country farming matters including tenure review and pastoral leases. Richard’s strong links to the agricultural sector are shown through his position as President of the Canterbury Agricultural and Pastoral Association in 2014/2015. As a past President, he continues to be a member of the General Committee. He was also a past member of the high country tenure review consultants committee.
Alana Crampton
Alana is an expert in protecting assets and personal wealth across generations, especially when involving property and agricultural assets. From a dairy background herself and with family still involved in the industry, she is well suited to advise on all farm property matters and provide advice to farming families on the complexities of succession planning. She works with her clients to create personalised plans to suit their specific needs when it comes to preparing for the next generation and what ownership and structure looks like for that next generation. With her expertise in relationship property law, she aims to provide the best advice to protect family assets across generations with satisfactory results for all involved. Alana’s involvement in property law, is not just rural, she can transact all types of property including, commercial, investment properties, commercial leasing and all residential conveyancing including those with difficult EQC/insurance issues.
Stephanie Ambler
tephanie has specialized in family law since her admission to the bar over 21 years ago. Stephanie has expertise in relationship property, particularly in the areas of relationship property disputes and claims against estates and trusts. Stephanie advises couples on relationship property agreements, both at the commencement of a relationship and on separation. Stephanie’s other practice areas include applications for the appointment of property managers and welfare guardians, parenting orders and agreements, paternity and adoptions, child support and spousal support. Stephanie joined Tompkins Wake in 2013 and became a partner in 2014. Stephanie leads Tompkins Wake's Family Law practice and has been named as a recommended lawyer in The Legal 500 Asia Pacific and as a Leading Family Lawyer by Doyles in 2021.
David McLay
David McLay has practised law for 36 years, initially as a tax solicitor/partner in Bell Gully and as a barrister since 2003. He specialises in tax, trust and charity law - he is what the London Bar calls a "Chancery Barrister". Although a lot of his career has involved transactional and advisory work, he has appeared in all the New Zealand courts other than the Supreme Court. He also has made a large number of Select Committee appearances.
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.
Georgia Angus
Georgia Angus is a partner at Morris Legal. Georgia advises on all aspects of complex trust, estate and relationship property disputes. Georgia has extensive experience in trust matters, having acted for clients in high-profile contentious trust proceedings in the New Zealand Court of Appeal, the Court of Appeal of England and Wales and offshore jurisdictions including The Bahamas, Bermuda, BVI and Jersey. Georgia has been published in the New Zealand Law Journal and the STEP Trust Quarterly Review on the role of charities in estate disputes and beneficiaries’ requests for trust information. Georgia is a full member of STEP (TEP).