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Preserving and Passing on the Family Wealth: Series 1 - Control of assets through trusts and asset protection

Published on 08 Nov 2005 | Took place at Leonda by the Yarra, Hawthorn, VIC

Most if not all of our clients will eventually have to consider their options in deciding what to do with the value they have built up in their entities over many years. Baby Boomers in particular increasingly face the challenges of how to transfer this wealth to the next generation.

The first part of this series focused on:
- trust cloning
- trust splitting
- testamentary trusts
- statements of wishes.

Get a 20% discount when you buy all the items from this event.

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Individual sessions

Passing Control of Existing Trusts

Author(s):  Rob JEREMIAH

This paper covers the following topics:

  • are the people/entities we think are beneficiaries, actually beneficiaries of the trust? - Excluded beneficiaries are problems with former spouse, trustee, notional settlor
  • adding or excluding beneficiaries and resettlement issues
  • the role of the appointor/guardian/supervisor in passing control to the next generation - appointor provisions as the will for the trust
  • splitting trusts - what is it, how does it work, what are the taxation implications and when would you do it?
  • family trust election issues with passing control of existing trusts
  • extending the life of an existing trust beyond the life of the existing controller.

This paper was also presented at the Preserving and Passing on the Family Wealth seminar held in Melbourne on 8 November 2005 and on 1 December 2005 at the repeat 13th National Tax Intensive Retreat in Noosa.

Materials from this session:

Establishing new trusts as part of succession planning

Author(s):  Daniel SMEDLEY

This paper covers the following topics:

  • cloning trusts:
    • what is it, how does it work, what are the taxation implications and when would you do it?
    • family trust election issues
    • Division 7A issues
  • testamentary trusts:
    • control from the grave - letters of wishes vs deeds of family arrangement
    • family trust election issues
    • superannuation proceeds trusts - protection v death benefit ETPs
    • ownership of main residence and taxation implications of occupation rights
  • child maintenance trusts
  • trust to trust distributions (income and/or capital) and perpetuity issues
  • gifts to and secured loans from trusts to secure equity in property for the next generation.

This paper was also presented at the Preserving and Passing on the Family Wealth seminar held in Melbourne on 8 November 2005 and on 1 December 2005 at the repeat 13th National Tax Intensive Retreat in Noosa.

Materials from this session:

Death and taxes

Author(s):  Michael FLYNN

This paper covers the following topics:

  • summary of tax issues to consider when advising a client about drafting a will
  • advantages of testamentary trusts
  • opportunities to vary a will after death
  • main residence exemption
  • surrender of a taxpayer's life interest in a trust created by the will of a deceased person - TR 2005/D14.
Materials from this session: