In this volatile economic environment and with a plethora of legislative taxation amendments having been passed recently or submitted for consideration, it is crucial to ensure your clients’ structures and dealings are not exposed to additional risk. The ‘ideal’ structure from an asset protection and succession planning perspective, may no longer achieve what it was set up to do.
In this session, John will consider:
–The key considerations when structuring
–What other tools are available to protect assets
–Considerations for blended families, insolvency, divorce and death
This session provides Tips and Traps for using testamentary trusts following the Government’s introduction of 2AA into Div 6AA of the 1936 Act that limits excepted trust income for minors to income derived from “assets that are transferred to the trust estate from the deceased estate or proceeds from the disposal or investment of those assets”. Main residence and superannuation are the largest assets of an individual’s estate.
This session provides practical case studies on: – Reasons for using Testamentary Trusts – asset protection and taxation benefits – Testamentary Trust integrity and anti-avoidance measures including the ATO’s position on borrowing by the Testamentary Trust – Changes to Division 6AA of the ITAA 1936 and its impact on the administration of testamentary trusts – Dealing with main residences in Testamentary Trusts including the right to occupy and the acquisition of a new residence – How to ensure superannuation death benefits obtain concessional tax treatment – Alternatives to testamentary trusts – leaving assets to a discretionary trust or an individual.
Part 3: Hard wiring Business Succession Structures
Whilst wills remain key to an estate and succession plan, the complexity of a person’s current affairs as a consequence of controlling wealth rather than owning it means a will is not enough.The concept of ‘hardwiring’ looks to ensure control and benefit of entities aligns with a client’s testamentary objectives.This session will look at:
–Passing Trusts to the second generation – what can you do?
–Tailoring of the trust deed
–Bespoke constitutions for corporates (trustee and own right)
Part 4: Succession planning and tax issues for international families and business
In our globalised world, many Australians spend time working, own assets or have business and investment structures overseas. This session looks at some of the key issues arising in international tax and estate planning for individuals and family groups, including:
–Residency for individuals, trusts and companies - Australian residents owning offshore assets
–Tax ‘landmines’ in international succession planning
–Cross-border estate and structure planning options
–Understanding CGT event K3 and non-resident estate beneficiaries.