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Passing control of existing trusts paper


This paper covers the following topics:

  • are the people/entities we think are beneficiaries, actually beneficiaries of the trust? - Excluded beneficiaries are problems with former spouse, trustee, notional settlor
  • adding or excluding beneficiaries and resettlement issues
  • the role of the appointor/guardian/supervisor in passing control to the next generation - appointor provisions as the will for the trust
  • splitting trusts - what is it, how does it work, what are the taxation implications and when would you do it?
  • family trust election issues with passing control of existing trusts
  • extending the life of an existing trust beyond the life of the existing controller.

This paper was also presented at the Preserving and Passing on the Family Wealth seminar held in Melbourne on 8 November 2005 and on 1 December 2005 at the repeat 13th National Tax Intensive Retreat in Noosa.

Author profile:

Robert Jeremiah CTA
Rob is a principal of Sladen Legal. He is a Chartered Tax Adviser accredited by the Law Institute of Victoria as a specialist in both Tax Law and Business Law and is on a number of technical committees related to taxation and superannuation including the Tax Law Specialisation Advisory Committee of the Law Institute of Victoria and Superannuation Industry Relationship Network of the ATO and is a member of the board and technical committee of SISFA. Rob is acknowledged as a leader in his field and is regularly asked to share his specialist knowledge on areas such as trusts, superannuation and tax. Rob has been a principal of Sladen Legal and its predecessor firm since 1981. Current at 16 November 2015 Click here to expand/collapse more articles by Rob JEREMIAH.

This was presented at 13th National Tax Intensive Retreat: Preserving Wealth for Future Generations.

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