Trusts Trifecta for Advisors
The latest in our online mini-series, Trusts Trifecta for Advisors takes a deep dive into testamentary trusts, discretionary trusts and family trusts, exploring their pros and cons, complex taxation issues, passing control and knowing when to make a family trust election.
Description
Attend and earn 3 CPD hours
FASEA CPD Categories
Estimated 3 CPD hours in Technical Competence
If you register for the full series as a live online product after the date of an individual session, you will be sent the recording for the sessions that have passed. Alternatively, you can register for individual sessions by following the links below.
Session 1
Thursday, 22 October 2020
Testamentary Trusts are a popular vehicle for clients to control the distribution of assets to their beneficiaries. Recent changes to the taxation of testamentary trusts have changed the landscape and increased the importance of Testamentary Trust Wills. Understand the best strategies to advise your client to protect their estate plan.
10.30am to 11.30am: Testamentary Trusts and Estate Planning
- Estate planning: Why is it so important?
- Testamentary Trust Wills as part of an estate plan: What are they and how can they benefit a client’s beneficiaries?
- The different types of Testamentary Trusts that are available
- The benefits of a properly drafted testamentary trust Will
- Other issues to consider
Presented by Adeline Schiralli, Consulting Principal, Keypoint Law
Learning Objectives:
- Consider the role of Testamentary Trusts in an estate plan
- Understand taxation of testamentary trusts and a comparison of the different types of testamentary trusts
- Examine the pros and cons of Testamentary Trust Wills
Register here for Session 1 only
Session 2
Thursday, 29 October 2020
The very qualities that make discretionary trusts so appealing when established also create many headaches when it is time to pass control to the next generation. Familiarise yourself with the tax consequences, and how best to satisfy the expectations of both ingoing and outgoing generations.
10.30am to 11.30am: Passing Control of Discretionary Trusts
- How a family discretionary trust is dealt with in the succession plan
- Issues with discretionary trusts, passing control and amendments
- Dealing with loan account balances in the estate and succession plan
- Trust splitting and the ATO’s views
- Co-control of family trusts between children and minimising risk of dispute
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
Register here for Session 2 only
Session 3
Thursday, 5 November 2020
Understanding when a family trust election is required can be complex. Franked dividends, trust losses, owning shares in a company with losses, or accessing the small business restructure rollover can all be viable reasons to make an FTE. The election comes with serious potential pitfalls, however, so it’s important to clarify your knowledge on when it is appropriate.
10.30am to 11.30am: Family Trust Elections: When Is It Necessary?
- Trust loss tests
- Franking credits
- Bad debt deductions
- Using family trust elections and entity elections
Presented by Elizabeth McNamara, Director, PwC
Learning Objectives:
- Know when to make a family trust election and why
- Examine the complexities around different scenarios that benefit from making an FTE
- Be aware of FTE pitfalls and when it is not appropriate to make an FTE
Register here for Session 3 only
Presenters
Adeline Schiralli, Consulting Principal, Keypoint Law
Adeline is an accomplished estate planning and elder law solicitor with extensive experience developing comprehensive and practical estate plans that suit the individual circumstances of her clients. Prior to joining Keypoint Law as a Consulting Principal, Adeline was a Senior Associate in the Wills and Estates team of a large prominent suburban firm. Adeline holds a Masters of Law (Applied Law) in which she majored in Wills and Estates and is a member of the NSW Law Society’s Elder Law, Capacity & Succession Committee.
Nathan Yii¸ Principal Lawyer, Nathan Yii Lawyers
Nathan Yii is the Principal Lawyer, Chartered Tax Advisor and an accredited SMSF Specialist AdvisorTM of the Melbourne based legal practice, Nathan Yii Lawyers. He is a graduate of Melbourne Law School and holds a Bachelor of Commerce (Accounting), a Bachelor of Laws (Hons) and a Master of Laws. Nathan is also recognised in Doyles Guide as both a leading Wills, Estates & Succession Planning Lawyer and Wills & Estates Litigation Lawyer in Victoria. Nathan works with accountants, financial planners and other lawyers to achieve their clients structuring and estate planning objectives, factoring in taxation, asset protection, SMSF compliance and dispute prevention.
Elizabeth McNamara, Director, PwC
Elizabeth joined PwC in 2007 and has spent the past 13 years advising large and complex privately owned groups. Her experience relates to advising closely held corporate groups and their owners across many industries including construction, property development, agriculture, travel & tourism. Elizabeth has provided advice on entity acquisitions/disposals, group restructures, family succession planning, acquisitions and practice structuring of privately owned businesses for growth and exit events. Elizabeth has a special interest in working for private groups with philanthropic objectives and not-for-profit entities.