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Succession Planning Issues

Published on 31 Jul 2006 | Took place at Radisson Playford Adelaide, SA

Testamentary trusts are a powerful tool ofter overlooked in succession planning. This practical session of case studies highlights who needs testamentary trusts and why they can be so effective and useful. This session gives practical insight into the relationship between the account/advisor and the lawyer, the problems with life tenancies, the importance of determining control of discretionary trusts, strategies to maximise asset protection for the beneficiaries of a Will, issues for second marriages, looking after an intellectually disabled child and deciding the ownershi[ of life insurance policies.

Individual sessions

Succession Planning Issues

Author(s):  Bill LAST

Topics covered in this seminar paper include:

  • The role of the accountant/adviser in succession planning
  • When to use/recommend a testamentary trust
  • The advantages and disadvantages of testamentary trusts
  • Can you still use a testamentary trust if the will does not provide for it? 
  • What are the tax considerations - family trust elections, franking credits entitilements
  • Problems with life estates - "crystal ball gazing" and tax issues
  • Control of discretionary trusts "from the grave"
  • Avoiding challenges after death
  • Balancing benefits and risks 
Materials from this session: