Estate Planning Conference 2021
WEB212AW01: If the uncertainty of the last 12 months has taught us anything, it's that nothing in life is certain but death and taxes. Unlock all the key tax considerations in estate planning whether it involves the family home or the family business. Tackle tax on transfer of property at death. Plus, deal with problems of trusts, foreign beneficiaries and SMSFs. All accountants and advisors will benefit from enhancing their estate planning knowledge, skills and strategies at this annual event.
Description
Attend and earn 6 CPD hours
FASEA CPD Categories
Estimated 6 CPD hours in Technical Competence
Chair: Daniel Fry CA, Partner, Fry Legal; Preeminent Wills, Estates & Succession Planning Lawyer, 2020; Leading Tax Lawyer WA, Doyle’s Guide 2019
THE KEY ROLE OF THE ACCOUNTANT IN ESTATE PLANNING
8.30am to 9.15am Vital Estate Matters to Discuss in Your Annual Review with Clients
- Identifying capacity issues: a burgeoning issue
- Acting as Power of Attorney: boundaries, conflicts and problems to consider
- Auditing and administering SMSFs: risks for accountants with individual Trustees
- Communicating beneficiaries’ profile to the estate planning lawyer
- Identify elder abuse and what action is available to you
Presented by Andrew Keay, Director and Aged Care Specialist, Aged Care Planners
MANAGING DEATH AND TAXES: AVOIDING NIGHTMARES AND ACHIEVING MAXIMUM OUTCOMES
9.15am to 10.00am Tax in Estate Planning: Tax Triggers in Wills, Distributions and Estate Administration
- Key intersects between tax and estate planning
- The benefits of tax effective wills
- Inter vivos asset distributions versus distribution under a Will
- Tax triggers during estate administration and planning for them upfront
- Tips and traps to avoid
Presented by Lee-Ann Cartoon, Principal, Succession Solutions Perth; Tax and Succession Lawyer
10.00am to 10.15 Morning Tea
10.15am to 11.00am Tax Planning for Deceased Estates: The Family Home, Trusts, Super and Foreign Beneficiaries
- Accessing information about the deceased
- Issues when dealing with the family home
- What you need to know about testamentary trusts and superannuation proceeds trusts
- Impact of foreign beneficiaries, executors and assets
Presented by Modiesha Stephens CTA, Director, MS Legal
11.00am to 11.45am The Passing of Real Property at Death: A Panel Discussion
- Do you always escape transfer duty (stamp duty)?
- Transfers from: deceased to LPR; LPR to beneficiaries; and testamentary trustee to beneficiaries
- Different strategies for rental properties and family homes
- Joint tenancy vs tenants in common
- Deeds of Family Arrangement: transfer and CGT nightmares
- Transfers between spouses and dealing with second marriages
Panellists:
Richard Norton, Legal Practitioner Director, Deloitte Legal; Leading Tax Lawyer, Doyle’s Guide 2019
Professor Brett Davies, Partner, Legal Consolidated Barristers and Solicitors
Modiesha Stephens CTA, Director, MS Legal; Vice Chair
11.45am to 12.30pm Lunch
TAX PLANNING FOR ASSETS OUTSIDE THE WILL
Chair: Loreena Gillon, Director, Arithmos Chartered Accountants
12.30pm to 1.30pm Family Trust Succession Planning for Lovers and Spendthrifts
Many assets don’t go into the Will automatically at death: joint tenancy, superannuation, cross-owned insurance and Family Trust assets (except for loan accounts). Succession planning for the Family Trust is the most challenging.
- What happens when the Appointor dies, gets sick, goes bankrupt (or insolvent if the Appointor is a company) or loses mental capacity?
- The Appointor is the key role in the trust. This may not be appropriate for the next generation. Who is appropriate to have the power to control the trustee?
Presented by Professor Brett Davies, Partner, Legal Consolidated Barristers and Solicitors
1.30pm to 2.30pm Super and the Estate: The Impact of Super Death Benefits, Transfer Balance Cap and BDBNs
- Super Death Benefits and the Transfer Balance Cap: what to be aware of under the current regime
- Binding Death Benefit Nomination: What do you need to know to advise your clients?
- Approaching estate planning differently in a superannuation context
Presented by Jemma Sanderson CTA, Director, Head of SMSF and Succession, Cooper Partners; SMSF Specialist Advisor™
2.30pm to 2.45pm Afternoon Tea
2.45pm to 3.45pm Carving up Companies and Trusts: Passing Control of Family Businesses
- Succession of control of companies
- Strategies for separating assets held by companies and trusts
- Available rollovers and concessions
- Duty considerations
Presented by Daniel Taborsky CTA, Director, and Shivani Jethwa, Senior Associate, Birchstone Tax Law
3.45pm Conference Close
Learning Outcomes:
- Understand why there are estate planning issues you as the trusted advisor need to be raising annually with your clients
- Identify the key tax triggers in the estate planning and administration process
- Benefit from best practice tax planning for deceased estates
- Hear experts discuss passing real property at death and learn the tricks and traps
- Understand the challenges of planning succession for a family trust
- Comprehend bringing super into the estate and the complex scenarios that can create
- Learn how to pass control of family businesses as part of the estate plan
Presenters
Daniel Fry
Daniel is qualified as both a Solicitor and Chartered Accountant. He practices in all areas of revenue law but has a particular expertise in trusts, superannuation, estate planning, Division 7A, capital gains tax and dealing with the Australian Taxation Office in relation to complex taxation disputes. He also advises in commercial transactions, mainly in business sales and acquisitions to ensure clients achieve commercial and tax-effective outcomes. Daniel is currently named in the Doyle’s Guide as a leading tax lawyer and a preeiminent estate planning lawyer in WA, being only one of two lawyers to be named in both of these top categories.
Andrew Keay
Andrew Keay has over 20 years experience in financial services and is well respected within the industry. He is founder and Director of Aged Care Planners. Prior to establishing Aged Care Planners Andrew's experience was in funds management as Head of Wholesale for companies such as Fidelity and AMP Capital. Andrew spent 3 years from 2012 as a financial advisor covering all aspects of personal advice. In 2014 that Andrew encountered his first aged care case and this was the beginning of the passion he holds for aged care.
Lee-Ann Cartoon
Lee-Ann Cartoon is an experienced tax and estate planning lawyer. She has worked throughout Australia and the UK advising clients ranging from global financial institutions and multinational energy and resource companies to high net wealth individuals. Lee-Ann's experience has given her an appreciation of the importance of approaching any matter commercially, logically and with the client's end goal front of mind. Lee-Ann has developed a particular interest in the areas of estate and succession planning, with a focus on effective and robust structuring.
Modiesha Stephens
Modiesha Stephens, CTA, is a Director at MS Legal practicing in State and Federal Taxation, Commercial Law and Estate Planning. Modiesha practices in Estate Planning matters including complex wills and estate planning, business and succession planning, general commercial and trust law matters. When advising in these areas Modiesha is able to use her tax advisory skills to ensure her clients understand the State and Federal taxation consequences of their proposals.
Richard Norton
Richard originally hails from South Africa and is a graduate of the University of Stellenbosch (B.A. LL.B) and the University of Cape Town (B.Comm (Hons)). He spent five years with international accounting firm Arthur Young & Co (now Ernst & Young), before being a Partner at Clayton Utz until 1994, when he left to start EY Law. Richard has been practising as a lawyer in Australia since 1984 and has had considerable experience in the areas of income tax, capital gains tax, stamp duty and other revenue law. He is known for his in-depth technical knowledge and expertise in the area of tax law, and provides advice to corporate groups and accounting and legal firms, and acts for a number of high profile, high net worth individuals.
Loreena Gillon
Loreena Gillon operates a Chartered Accounting firm in West Perth, and has done so for the past 19 years. Her practice has a client base of predominantly professionals including medical practitioners, solicitors, engineers and architects, all of whom operate through various structures. She has a special interest in the area of Deceased Estates and is a regular presenter on the topic. Loreena is a Chartered Accountant, Chartered Tax Advisor with The Tax Institute and a member of the Society of Trust and Estate Practitioners (STEP).
Brett Davies
As an Adjunct Professor at Curtin University Business and Law School, Dr Brett Davies lectures both the Estate Planning and Superannuation units. He sat on the Tax Institutes' national Education Committee. He also sat on both the Law Society's and Law Council's Tax Committees. Brett has 7 degrees including 4 law degrees. He is one of a handful of lawyers to have completed a Doctorate in Law at UWA and MBA in tax. Brett listed his previous law firm on the ASX in 2007. He was the second person in the world to do this.
Jemma Sanderson
Jemma Sanderson is a Director of Cooper Partners Financial Services, heading up their SMSF specialist services. Jemma is a regular presenter on superannuation and SMSFs for the professional bodies across Australia, and is the author of the popular publication “SMSF Guide”, published by the Taxation Institute, currently in its ninth edition and the author and convener of the Taxation Institute’s Graduate Diploma of Applied Tax Law Advanced Superannuation Unit. In August 2019 she was named for the third year in a row as SMSF Adviser of the Year at the 2019 National Women in Finance awards.
Dan Taborsky
Daniel Taborsky, CTA, is a director and founder of Birchstone Tax Law, a boutique law firm specialising in tax and estate planning solutions for privately owned enterprises and high-net worth individuals. Daniel advises on complex tax and trust law issues and works closely with accountants, lawyers and other professionals to provide solutions to their clients.
Shivani Jethwa
Shivani Jethwa is Senior Associate at Birchstone Tax Law specialising in advising high net wealth individuals and private corporate groups in relation to complex tax matters, trust law issues and implementing effective tax and commercial strategies for asset protection purposes.