Published on 04 Aug 09
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
The division and divestment of control of family discretionary trusts has suffered somewhat with legislative amendments announced to remove the "trust cloning" exemption. In light of these changes, this presentation outlines alternative options for advisers and their clients in implementing succession planning strategies for family discretionary trusts including:
- trust splitting as a continuing and useful alternative
- dividing control using the matriarch or patriarch's will
- other methods of 'dividing' trust assets
- in specie distributions
- weighing practical and commercial requirements against tax outcomes.