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Death, Divorce and Taxes: Protecting the Family Jewels

Published on 19 Feb 2013 | Took place at Sofitel Sydney Wentworth, NSW

    There is a Chinese saying to the effect “wealth does not pass through three generations. After the first generation makes the money, the second enjoys it and the third loses it.” Given that we live in a litigious society and statistics indicate that every third marriage in Australia ends in divorce, we may need to revise this saying. Many advisers, be it lawyers or accountants, have clients who have accumulated substantial wealth over their working life.
    As a result the most common questions asked are:
  • How can I protect my hard earned wealth, whether it is a business, investments or the family home from litigation?
  • My child is getting married. How do I assist them in getting a start without exposing assets to their spouse?
  • What is the real tax cost of divorcing and is there a smarter way to deal with property settlements?
  • What is the overall tax impact of all my complex structures in the event of my death?
  • How can I ensure my wealth endures and is dealt with in a manner I consider prudent when I die? Are testamentary trusts the solution?
    This seminar aimed to assist advisers to navigate such difficult questions and help them help their clients.

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

Individual sessions

The divorce: Tips and traps to ensure a tax effective separation

Author(s):  Peter BOBBIN

This paper covers:

  • CGT rollovers
  • partnership disposals
  • Div 7A and forgiven loans and for property in a corporate structure
  • child maintenance family trust limits
  • family trust resettlement or not
  • a tax effective checklist.
Materials from this session:

What are your responsibilities if you agree to become an Executor?

Author(s):  Donal GRIFFIN

This paper covers:

  • obligations to deceased
  • obligations to beneficiaries
  • obligations to creditors
  • resolving disputes
  • where might you come unstuck?
Materials from this session:

At death - What are the tax issues?

Author(s):  Neil WICKENDEN

This paper covers:

  • what, if any, are your exposures?
  • what should be assessed to the estate?
  • what is included to the beneficiaries?
  • can you control a family trust after your death?
  • what are the tax benefits of a testamentary trust?
  • superannuation balances on death.
Materials from this session: