Trusts, Assets & Estate Planning Legal Update

About

Trusts and estate planning are going though a major over haul at the moment with many case law developments and taxation changes coming into affect. Coupled with this is the evolving nature of complex family structures, and the need for trusts to provide increased flexibility and security.

This intensive one day event covers all the latest Trust developments with insights from key industry experts.

• The IRD gives a break down of the latest tax changes and anti-avoidance provisions
• Kerry Ayers from Helmore Ayers and Alison Gilbert from Brookfields Lawyers put relationship property and trust bust ups under the microscope
• Juliet Moses from Taylor Grant Tesiram provides greater clarity on investments trustees’ duty of care and the legal obligations accountants and lawyers often face as trustees
• Kerry Grass of Anti-Money Laundering Consultants Limited discusses the recently upgraded NZ Anti-Money Laundering (AML)regime and its implications for NZ trusts

Gain critical updates, build relationships with key players and ensure you are fully informed moving into 2011.

Register before the 27 September 2010 and save $100

Agenda

Agenda: Day 1

8.30

Registration and coffee

9.00

Opening remarks from the Chair

[Auckland] John Brown, Barrister
[Wellington]Kerry Ayers, Partner, Helmore Ayers

9.10

Budgetary update and implications for Trusts and estate planning

The May budget made considerable changes to the New Zealand tax structure in relation to Trusts and estate planning. This session offers some background to the Government decisions and provides a broad overview of the changes.
Breakdown of May budget
• Levelling of the higher personal income rate
• IRD “exposure draft” and interpretation of the general anti-avoidance provisions
• Future direction of IRD investigations

Roger Thompson, Managing Director - Taxation Services, Staples Rodway

9.55

Examination of trusts as tax avoidance vehicles

The tax deferential between trusts and high income personal tax, has permitted Trusts to be used for tax advantage purposes for quite some time. The IRD has taken a tougher stance on this issue in recent years with a series of landmark cases.
• Overview of recent cases
• Examination of the common law avoidance test
• Issue of “personal exertion” income
• Implications for the accountant and legal profession

Peter Eastgate, Partner, Cavell Leitch Law

10.45

Morning tea

11.05

New Zealand’s anti money laundering regime – obligations of accountants and lawyers

Due to international pressure, and to ensure New Zealand does not fall behind global best practice, the NZ Anti-Money Laundering (AML) regime was finally upgraded late last year. It has far reaching implications for financial advisers such as accountants and lawyers.
• The legislative framework – why do we need it?
• Who does it apply to? Can we continue to rely on others to do the work?
• First steps of implementation
• What if we do nothing?
• Kerry Grass, Principal,

Anti-Money Laundering Consultants Limited

Speaker has declined permission for her material to be online

11.50

Pre-migration trusts and the protection of wealth

In recent years, more and more people are making the decision to move to New Zealand for a change of lifestyle. This presentation examines the tax miminisation options available before new immigrants and retuning Kiwis become domiciled in New Zealand.
• Four year exemption on foreign sourced income
• Issues surrounding the “Permanent Place of Abode” test
• UK Lifetime Inheritance Tax and Gifting
• Implications of May 2010 budget

Peter Wyllie, Partner, Helmore Ayers

12.35

Lunch

1.35

Case Law: Relationship property and trust bust ups (Case Study)

Courts have very limited powers when it comes to busting open family trusts. However, recent Supreme Court decisions have provided some light on how trusts can be rearranged in the case of marriage break ups.
• The management of trusts and access to trust assets
• Treatment of matrimonial property
• Interplay of the Family Proceeding Act
• Analysis of the “Bundle of Rights”
• Implications for family trust legislation

[Auckland] Alison Gilbert, Senior Associate
Brookfields Lawyers
[Wellington] Kerry Ayers, Partner, Helmore Ayers

2.20

Blended family and the use of parallel trusts

As old relationships fail and new ones are formed issues surrounding protection of assets and inheritance become more prominent. This session examines the emerging popularity of parallel trusts and how they can be applied to complex family structures.
• Disproportionate assets values
• Prevention of unwanted beneficiaries
• Provisions and clauses within the trust
• Wills and Memorandum of Wishes

[Auckland] Angus Rogers, Barrister & Solicitor
Rogers & Rutherford
[Wellington] Ronette Druskovich, Associate
Rainey Collins

3.25

Afternoon tea

3.40

Family Protection Claims and their impact on asset planning in New Zealand

To cater for changing circumstances most modern Wills are now created with enhanced flexibility, while still providing testators with maximum control. However, how does Family Protection claims play into this and when is there a case for the Courts to vary the provisions of Wills?
• Primary and secondary beneficiaries and excluded persons
• Concept of moral duty
• Family Protection and Testamentary Promises claims
• Case law developments

[Auckland] Neil Evans, Senior Associate, Gaze Burt
[Wellington] Fiona McGeorge, Solicitor
Rainey Collins

4.25

Legal obligations to be considered when investing trust assets

In the current economic climate many trusts will be reporting poor growth performance and lower ROI. This is the time where the actions of trustee investors are under greater scrutiny. Recent case law decisions have provided greater clarity on investments trustees’ duty of care.
• Investment duty as set out in Trustees Act 1956
• Importance of SIPO (Strategic investment policy) review
• Investment portfolio management and administration
• Indemnification considerations when investing in pooled products

Juliet Moses, Partner, Taylor Grant Tesiram

5.10

Closing remarks from the Chair and end of conference

5.15

Networking drinks

Sponsors/Partners

Interested in sponsorship?

There are some exclusive opportunities to promote your company, and its products and services, at this leading event. Contact the sponsorship team below to request a prospectus or discuss the options, or view more about event sponsorship.