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Passing control of existing trusts paper

Publication date: 25 Aug 05

Source: NATIONAL EVENTS, TAXATION INSTITUTE OF AUSTRALIA

Abstract:

This paper covers the following topics:

• are the people/entities we think are beneficiaries, actually beneficiaries of the trust? - Excluded beneficiaries are problems with former spouse, trustee, notional settlor
• adding or excluding beneficiaries and resettlement issues
• the role of the appointor/guardian/supervisor in passing control to the next generation - appointor provisions as the will for the trust
• splitting trusts - what is it, how does it work, what are the taxation implications and when would you do it?
• family trust election issues with passing control of existing trusts
• extending the life of an existing trust beyond the life of the existing controller.

This paper was also presented at the Preserving and Passing on the Family Wealth seminar held in Melbourne on 8 November 2005 and on 1 December 2005 at the repeat 13th National Tax Intensive Retreat in Noosa.

Author profile:

Robert Jeremiah FTIA
Rob is an accredited specialist in both tax law and business law and is a member of the NTLG Superannuation Technical Sub-group. Rob’s principal areas of practice are business structuring, taxation advice, superannuation advice, business succession, family succession, trusts and business and commercial transaction advice.
Current at 13 September 2011
Click here to expand/collapse more articles by Rob JEREMIAH.
 

 

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Purchase individual materials from this event:

Passing Control of Existing Trusts
Author(s):  Rob JEREMIAH

Establishing new trusts as part of succession planning
Author(s):  Daniel SMEDLEY

Session 1 and 2 workshops
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Successful succession for success
Author(s):  Peter BOBBIN

Keeping it in the company
Author(s):  Peter J MCKNOULTY

Session 3 and 4 workshops
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Wealth protection issues for clients with risk profiles: a family law perspective
Author(s):  Martin BARTFELD

Wealth protection issues for clients with risk profiles
Author(s):  Gary BIGMORE

International aspects of succession planning for high wealth individuals
Author(s):  CJ CHAN,  Denise HONEY

Effective strategies for using superannuation in succession planning
Author(s):  Paul BANISTER

Session 7 workshop
Author(s):