Succession Planning Masterclass
Issues covered include: SMSF considerations, real estate, deceased estates
Description
Taking your clients through their generational change could be extremely costly and difficult without a unique and effective succession plan that meets every individual’s goal. An unplanned transition will discontinue your client’s business, adversely affect their wealth and most importantly upset your clients. This half day Succession Planning Masterclass will guide you to identify the most critical tax and legal issues and provide them with a well thought-out succession plan.
Attend and earn
FASEA CPD Categories
3 CPD hours in Technical Competence
This event offers 3 CPD hours and meets the qualifying CPD requirements of CAANZ, CPA, IPA and FASEA.
Please note to count towards the minimum 28 hours of licensee approved CPD hours, your licensee is required to approve this event.
Chair: Andrea Michaels, Managing Director, NDA Law; Chartered Tax Adviser
9.00am to 10.00am: Critical SMSF Considerations for Succession Planning
All too often the attention for SMSF trustees is focused on the accumulation of wealth and the day to day running of the fund and little thought is given to planning for succession. This might include the transfer of wealth to the next generation or dealing with existing business partners. There are many scenarios where having a succession plan can assist trustees or their beneficiaries in dealing with SMSF investments and member benefits.
In workshopping a common scenario you will consider:
- Lessons you should know about dealing with death and incapacity
- Practical tips and traps on transferring control of the SMSF
- Staying updated with SIS investment restrictions and complications
- Total superannuation balance (TSB) and the limitations that this presents to your clients
- Practical strategies on Transfer Balance Caps (TBC) and pensions
- Key Insurance issues you need to know and the relevant tax considerations
Presented by Shari Neagle, Director of Superannuation Services, Bentleys SA and Tasha Naige, Senior Associate, DMAW Lawyers
10.00am to 10.15am: Morning Tea
10.15am to 11.15am: Effective use of Testamentary Trusts in Succession Planning
Testamentary trusts are critical in a comprehensive succession plan. Clients and advisors should be aware of what they are and how they operate. This session will draw upon a case study to unpack the following issues:
- Testamentary trusts and their advantages
- Taxation issues and testamentary trusts
- Testamentary trusts and family law
- Testamentary trusts and bankruptcy
- Structuring testamentary trusts to address personal issues connected with the family
Presented by Nathan Yii¸ Principal Lawyer, Nathan Yii Lawyers; SMSF Specialist Advisor; Chartered Tax Advisor; Recommended Wills, Estates & Succession Planning Lawyer, Doyle’s Guide 2020
11.15am to 12.15pm: Your Guide to Managing Real Estate Issues and Disputes in Deceased Estates
- Understanding property holdings in the context of estate planning
- Practical use of Wills to protect the family home and other real estate
- Your responsibilities as an accountant for important aspects of the estate administration process
- Tax issues for real estate in deceased estates including the Main Residence Exemption
- Tips and traps regarding pre-CGT and post-CGT assets
- Dealing with life and remainder interests
- Managing disputed estates and deeds of family arrangement
Presented by Ben Wilson, Chartered Tax Adviser, Partner and Caitlin Ashworth, Lawyer, CCK Lawyers
Learning Outcomes
- Explore the key SMSF considerations for succession planning
- Learn useful tips on passing a family business to the next generation in an effective way
- Receive the practical guidance on managing real estate and disputes in a deceased estate