Published on 08 Aug 12
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
When should clients use a binding death benefit nomination and what type should clients use? And when are reversionary pensions a better option?
This paper examines various options and gives practical guidance as to how you can help your clients make decisions that lead to safe, tax effective succession for their superannuation. It covers:
- Determining the best option for nominations
- How to draft and process nominations:
- formal requirements
- trustee issues
- Down the track issues with BDBNs:
- rogue trustees
- can the nomination be contested?
- Reversionary pensions in estate planning:
- how they work
- problems where pensioner is second spouse – loss of control of capital
- two pensions: one reversionary and one not
- Some case studies.
Bernie is a Principal of Bernie O'Sullivan Lawyers, a firm that specialises in estate planning, taxation, superannuation and trusts and related litigation services for private and business clients. The firm helps clients move wealth from one generation to another in the most effective manner. Bernie is lead author of The Tax Institute's Estate & Business Succession Planning, and has recently been appointed as lecturer and writer for Deakin University's undergraduate and postgraduate courses in Estate Planning.
- Current at
05 September 2016