Farm Succession and Family Trusts
There is no ‘one size fits all’ approach to farm succession planning, so attend this seminar to learn traditional and alternative options for asset protection with information tailored to the rural context. Explore trusts in the farming context, their purposes and hear a refresher on the Trusts Act 2019. Evaluate alternatives to trusts for the succession planning of family farms and assess common issues that arise in relationship property upon family separation. WEB235NZA02Z
Description
Attend and earn 3 CPD hours
Chair: Sean Mason, Principal, Sean Mason Law; Member Society of Trust & Estate Practitioners (STEP)
9.00am to 10.00am Trust and Farm Succession
- What is the purpose of your client’s trust?
- Reasons for continuing with trust versus winding up?
- What are the obligations involved if continue with your clients’ trusts and compliance requirements of Trust Act?
- How can Trust be utilised to assist with succession planning?
Presented by Annabel Sheppard, Partner, and Ben Johnstone, Associate, Wynn Williams
10.00am to 11.00am Alternatives to Trusts for Ownership of Succession Planning for Family Farms
- Company structures
- Family investment companies
- Will drafting and appropriate clauses
- Deed of Family Arrangements/consultation with family member
Presented by Gareth Davis, Director, Preston Russell Law
11.00am to 11.15am Morning Break
11.15am to 12.15pm Farm Succession – Relationship Property Issues
- How relationship property claims against farming family trusts can arise
- Special considerations in contracting out agreements in a rural context
- Valuation of rural assets in relationship property division
- Homestead provisions in the Property (Relationships) Act 1976
Presented by Shelley Greer, Director, and Rachel Cooper, Solicitor, Gallie Miles Limite
Learning Objectives:
- Understand the purposes and practicalities of trusts
- Explore some alternatives to trusts for ownership in succession planning for family farms
- Decipher relationship property issues that arise upon separation of families
Presenters
Sean Mason
Sean Mason has been practicing law in Morrinsville since 2003. He started his own firm, Sean Mason Law, in January 2011. He has a particular interest in property trusts & estate planning. In 2016 he completed his Master of Laws looking at these interests in particular. He is a property specialist, accredited by the Property Law Section of the New Zealand Law Society, and is a member of the Society of Trust & Estate Practitioners, a world-wide organisation. Sean is a keen fisherman, both at sea and in freshwater.
Annabel Sheppard
Annabel is a partner in the firm and a specialist property lawyer, with a focus on the residential and rural sector. She has practised in property law for 30 plus years, advising clients on all matters associated with the sale and purchase of property, including that associated with trusts and estates. She is sought after for her attention to detail around transactions and for her astute negotiation skills. As part of her property work, Annabel also advises on the personal and sensitive matters of wills and enduring powers of attorney. Annabel's extensive knowledge of commercial law also sees her regularly engaged by both individuals and business owners to advise on asset planning and protection, including the formation and management of trusts.
Ben Johnstone
Ben is an Associate at Wynn Williams with experience in a variety of work in Trusts, General Conveyancing, Commercial Property and Private Client work. Ben attained a Master of Laws, which was completed through the University of Auckland and achieved with First Class Honours. Ben was admitted as a Barrister and Solicitor of the High Court of New Zealand in the Christchurch High Court on 12 October 2017.
Gareth Davis
Gareth’s career started in 2002 working for another local law firm in Invercargill before joining PRLaw in 2003. Gareth enjoys dealing with clients and is especially proud of having been personally involved in numerous major rural transactions throughout the years. Not many people know it but Gareth also spent several years while at University and his early legal career in the New Zealand Army (Territorials) serving as a Combat Medical Technician, obtaining the rank of Lance Corporal. Nowadays, when he’s not representing PRLaw, his time is occupied by his roles on the SIT Zero Fees Southland Sharks and Southland Basketball Association boards, being a trustee of the Deep Cove Outdoor Education Trust, a member of the Waihopai Board of Trustees where his children attend and a member of the Fiordland Rotary Club which he attends when manning the firm’s Te Anau office on Thursdays. Gareth’s expertise is in rural and residential property matters, asset protection and estate planning including farm succession, and in wills, enduring powers of attorney, and trusts.
Shelley Greer
Shelley was awarded the gold medal for top honours at Waikato Law School in 2014 and went on to complete her Master of Laws in the area of intellectual property law. Shelley enjoys providing clients with advice and assistance on a broad range of issues involving the structuring and establishment of asset and succession plans, interpretation of trust deeds, the management and administration of trust funds and trust disputes. She is also experienced in Property (Relationships) Act issues and advises clients on both contracting out agreements and separation. Shelley is practical, thorough, and efficient, and enjoys the challenge of her work. Shelley is a member of the Mathematics for a Lifetime Charitable Trust Board.