Estate Planning Conference
Issues covered include: estate planning and succession, taxation, superannuation, Division 7A issues, testamentary trusts, blended families, foreign clients and assets, small businesses, aged care issues, executor risks
Description
It’s an age old idiom that nothing is certain in life but death and taxes, and in the complex world of estate planning the two go hand in hand. Unlock the latest estate planning strategies regarding critical tax issues tied to death, dealing with a rapidly involving superannuation landscape, and deftly managing Division 7A issues and testamentary trusts. Unpack each of these areas and how to deal with blended families, foreign clients and assets, small businesses, aged care issues, and executor risks.
Attend and earn 7 CPD Points/Hours
This conference was recorded in NSW on 19 February 2019
Chair: Anthea Kennedy, Partner, Bridges Lawyers; Leading Wills, Estates and Succession Planning Lawyer, Doyle’s Guide 2018
SOPHISTICATED TAX AND ESTATE PLANNING STRATEGIES
9.00am to 9.50am: Your Comprehensive Taxation Guide to ‘Death’ and the Impact on Your Estate Planning Strategies
- Is death always CGT free? Testamentary options and gifts to foreign residents
- Changing the Will after death: the CGT concession and stamp duty constraints
- Appropriations
- Caring for your clients’ cost base before they die
- Income tax and CGT post death
- Death of a sole trader
- Selling the family home
Presented by Jim Main, Director, JMA Legal; CTA
9.50am to 10.40am: Estate Planning and Superannuation: How to Avoid the Common Mistakes
- A member has passed away: What steps does the trustee need to follow?
- Beneficiaries: How are they identified?
- Tools to provide certainty with regard to the distribution of death benefits
- Post 1 July 2017: What has changed with regard to the distribution of death benefits?
- What impact has the Transfer Balance Cap had on estate planning?
Presented by Mark Wilkinson, Partner - Superannuation, BDO; CA SMSF Specialist
10.40am to 11.30am: Practical Estate Planning Strategies for Blended Families
- Needs of second partner vs needs of children from first marriage
- Family provision claims: what you need to know to enhance your strategies
- Estate planning and superannuation considerations
- Case studies
Presented by Monica Ross-Maranik, Consulting Principal, Keypoint Law; Recommended Wills, Estates and Succession Planning Lawyer, Doyle’s Guide 2018
11.30am to 11.45am Morning Tea
11.45am to 12.30pm: Dealing with Division 7A Loans in Estate Planning: New Strategies for the New Changes
Recent tax rate changes and the new limits in super will see the growth of the private family company with significant Division 7A loans. The problems are many, so catch up with what you need to know to deal with the following challenges:
- Unplanned Division 7A loans will invoke estate claims as distribution wishes are destroyed
- Inheriting debt will become a new feature of estate planning
- The executor tax concern and liability risk will be paramount
Presented by Peter Bobbin, Managing Principal, Argyle Lawyers; Chair of STEP NSW
12.30pm to 1.15pm: Managing Global Assets and/or Foreign Residents in Estate and Succession Planning
- Cross border succession law issues including conflict of laws
- Cross border estate and structure planning options including whether to have one global Will or separate Wills
- Australian tax issues: what to advise your clients
- Foreign estate tax issues including the US and UK
- The impact of the Common Reporting Standard
Presented by James Whiley, Special Counsel, Hall & Wilcox
1.15pm to 2.00pm Networking Lunch
ADVANCED ESTATE PLANNING TECHNIQUES
2.00pm to 2.45pm: Should You be the Executor of Your Client?
Examine practical matters and suggested solutions to allow you to make the best decision when considering whether to be your client’s executor, including:
- Appointment of executor in a Will
- Role and responsibility of an executor
- Checklist of major estate issues to consider
- Who is liable if it goes wrong?
Presented by Peter MacLean, Partner, Walker Wayland NSW; CTA
2.45pm to 3.30pm: The Practical Realities of Death: Small Businesses and Funerals
- Keeping the business running after the business owner dies: dealing with companies and trusts
- Executor vs family members: who should have control and why
- Costs and payment for funeral, wake, burial plot and headstone expenses
- Who should bear the costs and other considerations
Presented by Clifford Hughes, Principal, Clifford Hughes & Associates; Accredited Specialist in Tax Law and Business Law; CTA
3.30pm to 3.45pm Afternoon Tea
3.45pm to 4.30pm: Use and Misuse of Testamentary Trusts in Estate Planning: Staying on Track
- Benefits of using testamentary trusts
- When to use testamentary trusts: rules of thumb
- Optional vs mandatory trusts
- Structuring/flexibility issues
- Estate planning to maximise a testamentary trust
Presented by Christine Page, Director, David Landa Stewart; Leading Wills, Estates and Succession Planning Lawyer, Doyle’s Guide 2018
4.30pm to 5.15pm: Aged Care, Retirement and Estate Planning: Putting it all Together
- Types of aged care and retirement property interests and rights: how they differ
- The ‘ins and outs’ of elder care: funding and exit
- Family care, granny flats and changes in care needs
- The evolving and critical role of the enduring power of attorney
- Common risks or issues that arise in the elder living environment
- Case study: practical applications for your practice
Presented by Andrew Keay, Director and Aged Care Specialist, Aged Care Planners
5.15pm Closing Comments by the Chair