Advanced Business Succession, Trusts and Planning
Master how to deal with companies & trusts, drafting variation of trust deeds, and the settlement & resettlement of trusts. Perfect your skills & strategies in dealing with tax consequences and navigating family trust elections and passing control of trusts with FTEs. Delve into best practices when planning for involuntary departure of business principals and succession issues of businesses held in SMFSs. Great for estate planning and commercial lawyers, and accountants. WEB227N41
Description
Attend and earn 6 CPD units including:
5 units in Substantive Law
1 unit in Professional Skills
This program is applicable to practitioners from all States & Territories
Morning Chair: Clifford Hughes CTA, Principal, Clifford Hughes & Associates; Accredited Specialist in Taxation Law; Accredited Specialist in Business Law (Qld); Accredited Specialist in Wills and Estates Law (VIC); SMSF Specialist Advisor
Professional Skills
10.00am to 11.00am Drafting and Variation of Trust Deeds
- Interests of a beneficiary
- Taxation of trusts generally
- Desirable provisions in a trust deed
- Effecting a distribution
- Streaming
- CGT Event E4
- Asset revaluation reserves
- Family trust elections and interposed entity elections
- Implications of failed distributions
- Variations and whether you vary outside of the deed
Presented by Ken Schurgott CTA, Director-Solicitor, Schurgott & Co Lawyers
Speaking materials prepared by Michael Bennett, Barrister, 13 Wentworth Chambers
11.00am to 12.00pm UPEs and Loans in Estate Planning
- Gift, a loan or a UPE?
- Shareholder loans legislation applied to trusts and estates
- Tax and estate consequences
- Practical planning strategies
Presented by Julie Van der Velde, Principal, VdV Legal; Best Lawyers 2022, Trusts & Estates and Tax Law; Recommended Wills, Estates & Succession Planning Lawyer, Doyle’s Guide 2021; 2017 SME Chartered Tax Adviser of the Year
12.00pm to 12.10pm Break
12.10pm to 1.10pm Settlement and Resettlement of Trusts
- Elements of a trust upon establishment
- What is a resettlement?
- What are the consequences?
- Tips and tricks to avoid a resettlement
Presented by Michael Mobberley, Solicitor IV (Corporate), Legal & Professional Services, NSW Trustee & Guardian; Accredited Specialist in Wills & Estates Law
1.10pm to 2.00pm Lunch Break
Afternoon Chair: Chris Apostolakos, Partner, Diamond Conway Lawyers
2.00pm to 3.00pm Family Trust Elections and Issues in Passing Control of Trusts with FTE
Understanding the concept of ‘distributions’ and who is in the ‘family group’ is particularly important when restructuring, succession planning and choosing who should be the ‘specified individual’ in family trust elections. This session will cover:
- When is an FTE or IEE required?
- What are ‘distributions’?
- Who is part of the ‘family group?
- Who is liable to pay family trust distribution tax?
- How to pass control of a trust (which has made an FTE) to the next generation
Presented by Linda Tapiolas, Partner, Cooper Grace Ward Lawyers; Best Lawyers 2022, Trusts and Estates
3.00pm to 4.00pm Planning for the Involuntary Departure of a Business Principal
- The buy/sell agreement for the transfer of an outgoing principal’s interest reviewed
- What is the timing consequences on CGT? Use of options
- Models of insurance ownership for funding buyouts
- Relevant CGT considerations
- Payment of insurance premiums
- Landholder duty considerations
- Valuation issues and methodologies
- Drafting tips for buy/sell agreements
Presented by Simon Robinson, McCullough Robertson
4.00pm to 4.15pm Afternoon Tea
4.15pm to 5.15pm Complex Business Succession with SMSF Issues
Often SMSFs are used to hold business assets, but it’s not always the case that the impact of a premature death or disablement is considered. This session will consider superannuation specific issues that arise when dealing with business succession:
- What business owners should consider when acquiring Business Real Property in their SMSF from a succession perspective
- Winning a new client with poorly planned arrangements: What can be done to ‘fix’ poor planning?
- Owning business interests (e.g. shares in the trading entity) in the SMSF - can this, and should this, be done? NALI isn’t the only concern
Presented by Neal Dallas, Principal, McInnes Wilson Lawyers; SMSF Specialist Advisor; Recommended Tax Lawyer, Doyle’s Guide 2020; Recommended Wills, Estates & Succession Planning Lawyer, Doyle’s Guide 2021; Best Lawyers 2021, Tax Law, Trusts and Estates, Superannuation Law & Wealth Management/Succession Planning Practice and Victoria Mercer, Solicitor - Superannuation and Revenue, McInnes Wilson Lawyers