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Estate Planning and Discretionary Trusts - The Hard Issues

Published on 26 Mar 2008 | Took place at RACV Club, Melbourne, VIC

Part of the Trusts & Estates Club series, this event was a “round table” presentation involving practical analysis and group discussion on two difficult but common planning issues:

  • planning mechanisms for orderly passing of family assets in discretionary trusts upon the death of parents
  • the impact of divorce and family settlements on planning to retain family assets in discretionary trusts.

Get a 20% discount when you buy all the items from this event.

Individual sessions

Estate planning and discretionary trusts

Author(s):  Tony RIORDAN

This presentation covers:

  • testamentary dealings by "baby boomer" generation clients with discretionary trust assets:
    • succession issues for family discretionary trusts in the context of the parents' wills
    • estates pass to each other and then to the children equally
    • corporate trustee owned and controlled by one or both parents
    • either or both parents are Appointors and may or may not be Guardians
    • two or more adult (or mostly adult) children
  • specific objective - minimise scope for disputation and particularly litigation.
Materials from this session:

Trusts and the family court: (In)Discretion is the name of the game

Author(s):  Peter SZABO

The powers of the Family Court to make orders between spouses which have regard to assets held in family trusts is a matter which planners must take into careful account. This paper provides an overview of the crucial Family Law Act provisions and commentary on how they work in practice, including covering:

  • family trust assets as a "financial resource" of a beneficiary who is a party to a matrimonial dispute
  • the powers of the Family Court to make "third party orders" directly against family trusts and their assets
  • recent case law and the Family Court's approach to dealing with family trusts
  • issues for family trusts once adult children and their spouses take over effective control upon the death of parents.
Materials from this session: