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NSW 10th Annual Estate and Business Succession Planning

Published on 31 Oct 2013 | Took place at Swissotel, Sydney, NSW

    The ageing population continues to fuel client demand for good practical advice in the area of estate and business succession planning. This estate and business Succession Planning seminar discussed some of the most topical and important areas of estate and business succession planning with the focus on practical issues, recent developments,and most importantly, new cutting edge strategies and planning opportunities for clients.
    Topics covered include:
  • the family business – transfer to the next generation?
  • buy/sell agreements, funding & insurance – tax, practical & commercial aspects
  • asset protection – just how safe is your superannuation?
  • superannuation & estate planning
  • recognising the importance of the identity of appointor(s) under and the structure of the appointor clause in a family trust deed
  • insurance & estate planning
  • do you (and I really mean you & not just your client) need to be putting in place a guardianship agreement as well as an enduring power of attorney?

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

Individual sessions

The family business - Transfer to the next generation?

Author(s):  Chris TSOVOLOS

A common problem facing many successful family owned businesses of all sizes is how to plan for the transfer of the business to the next generation. Several recent high profile cases that have received media attention highlight the many issues that need to be considered and the practical difficulty in achieving the objective of a smooth transition. In many cases business succession planning is considered too hard and therefore, it is given a very low priority by clients.

This paper covers:

  • how you can assist your client with the development of a workable business succession plan
  • what options are available to the client
  • identify the business structure and implementing a restructure if necessary
  • using the CGT concessions to restructure the business in preparation for succession
  • practical issues with businesses conducted via family discretionary trusts
  • what can we learn from the mistakes of others
  • blended families and related problems with business succession.
Materials from this session:

Buy/sell agreements, funding and insurance - tax, practical and commercial aspects

Author(s):  Scott McGill

Where more than one party is involved in a business, providing upfront agreed mechanism for separation is something that can ensure that drawn out separation squabbles are avoided. It is essentially the equivalent of the pre-nuptial in a business settings and needs to be carefully considered including bearing in mind the likely issues and consequences.

This paper covers:

  • why we have buy/sell agreements
  • funding options, including insurance
  • tax considerations on insurance – who owns the policy, who pays the premium
  • limitations to insurance and wider considerations
  • options and consequences when buy/sell triggered – income tax (including CGT), stamp duty, other fiscal implications
  • generally no perfect answer – some practical case studies.
Materials from this session:

Asset protection - Just how safe is your superannuation?

Author(s):  Peter BOBBIN

We assume assets in a super fund are safe, this is not true. What are the true limits including:

  • the nature of rights in super and shaping this is vital
  • how members, non-members and others can access assets in super funds
  • the apparent attitude of the ATO to recovery of tax debts from superannuation funds
  • rights of other creditors to claim moneys from the trustee of a super fund in respect of a member
  • the implications of the decision in Denlay.
Materials from this session:

Powers of Appointment

Author(s):  Ken SCHURGOTT

Do you understand the importance of the role and power of the appointor under a discretionary trust including:

  • the trust law position
  • the impact in relation to Family Law 
  • the impact in relation to Family Provision Legislation
  • the impact in relation to income tax
  • allowing for inter-generational change
  • some war stories.
Materials from this session:

Do you need to be putting in place a guardianship agreement as well as an enduring power of attorney?

Author(s):  Richard NEAL

As we get older we need to plan for the future and recognise that there will come a point where we need to put in place future plans that acknowledge that we may not be able to carry them out personally.

This paper covers:

  • what is it and what function does it perform
  • contrasted with an enduring power of attorney
  • why it is important
  • what happens if you do not have one in place
  • can it be conditional?
  • who should be appointed
  • issues arising in blended family situations.
Materials from this session: