Trusts Act Changes & New Disclosure Rules - Is it Worth Keeping your Trust Going? (Paper)

Materials comprised of a Paper and a PowerPoint handout

Presenters

Bill Patterson, Partner, Patterson Hopkins

Denham Martin, Lawyer, Denham Martin Tax Law

Chair: Vicki Ammundsen, Director, Vicki Ammundsen Trust Law Limited

Synopsis

For months now lawyers (and accountants) have been trying to get to grips with the new Trusts Act. Many trusts have already been wound up.

Now trustees will be faced with onerous new tax disclosure obligations at the end of the tax year commencing 1 April for the period from 1 April 2021.

Is it all getting too hard? Should clients be advised to wind their trusts up before 31 March?

What other options are available?

These materials will help you:

• Develop a better understating of what benefits there are in creating a new trust or keeping an existing trust for the future.
• Understanding how the new reporting/disclosure rules will affect trustees and beneficiaries and the consequences of failing to comply with these obligations.
• Identify key points for trustees in dealing with existing trusts under the new Trusts Act if a decision is made to retain, vary, resettle, or wind up the trust.

Intended Audience

All lawyers who act as independent trustees and all practitioners who advise trustees on their duties and obligations. Accountants will also find these materials useful.