Published on 06 Aug 12
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
This paper explores some important and often overlooked issues in connection with planning for the end of the SMSF life-cycle, including issues around estate planning, the transfer of assets and control of an SMSF on the death of a member, and either maintaining or unravelling investment structures to achieve the desired outcomes. Topics covered include:
- Migration of value to next generation family members - dealing with illiquid assets
- Utilising death and disablement insurance
- Issues with the interface between death benefit nominations and reversionary income streams
- Traps for binding death benefit nominations
- Use of powers of attorney to extend the life of the fund
- Dealing with control of an SMSF following the death of the principal member.
Daniel Jenkinson is a principal at DMAW Lawyers, practising in corporate and commercial law, with a particular focus on superannuation and financial services. He has had a particular interest in superannuation for more than 10 years and regularly acts for the trustees of APRA regulated funds, public sector funds, SMSFs, employers, accountants and other advisers in connection with all aspects of superannuation law. Daniel is a member of The Tax Institute’s Technical Resource Committee (SA).
- Current at
22 March 2013