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Estate and Business Succession Planning 2012

Published on 08 Aug 2012 | Took place at Sofitel Sydney Wentworth, NSW

    The ageing population continues to fuel client demand for good practical advice in the area of estate and business succession planning.
    Our presenters this year discussed some of the most topical and important areas of estate and business succession planning including superannuation and estate planning, the use of testamentary trusts in estate planning, how to structure a business succession plan, multi-jurisdictional issues and estate planning and life estates.
    The focus, as always, was on practical issues, recent developments, and most importantly, new cutting edge strategies and planning opportunities for clients.
    The seminar offered practitioners a fantastic opportunity to sharpen their skills and navigate the complex minefield of estate and business succession planning.
    Topics covered included:
  • Superannuation and Estate Planning
  • Binding Death Benefit Nominations and Reversionary Pensions in Estate Planning
  • Use of Testamentary Trusts in Estate Planning
  • How to Structure a Business Succession Plan
  • Multi Jurisdictions and Estate Planning
  • Life interest

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Individual sessions

Superannuation death benefits and reversionary pensions

Author(s):  Bernie O'SULLIVAN

When should clients use a binding death benefit nomination and what type should clients use? And when are reversionary pensions a better option?

This paper examines various options and gives practical guidance as to how you can help your clients make decisions that lead to safe, tax effective succession for their superannuation. It covers:

  • Determining the best option for nominations
  • How to draft and process nominations:
    • formal requirements
    • trustee issues
  • Down the track issues with BDBNs:
    • rogue trustees
    • can the nomination be contested?
  •  Reversionary pensions in estate planning:
    • how they work
    • problems where pensioner is second spouse – loss of control of capital
    • two pensions: one reversionary and one not
  •  Some case studies.
Materials from this session:

Superannuation and estate planning

Author(s):  Michael HALLINAN

When should clients use their super funds as estate planning vehicles? How can they use their super funds are estate planning vehicles? How do binding death benefit nominations fit in and what is the role of reversionary pensions. And who controls the estate planning vehicle?

This presentation examines various options and gives practical guidance as to how you can help your clients make decisions that lead to safe, tax effective succession for their superannuation. It covers:

  • ways and means of estate planning within a super fund
  • limits to estate planning within super funds
  • third party challenges to estate planning within super funds
  • super funds v testamentary trusts as estate vehicles.
Materials from this session:

Use of testamentary trusts in estate planning

Author(s):  Dung LAM

Testamentary trusts present a unique opportunity for a will maker to rule from the grave and/or to provide a tax effective investment vehicle to store and grow family wealth. Structured correctly a testamentary trust can provide benefits to beneficiaries many years into the future after the will maker’s death.

This paper covers:

  • what is a Testamentary Trust?
  • advantages of Testamentary
  • taxation issues surrounding Testamentary Trusts - current and perennial
  • aspects in relation to the structuring of Testamentary Trusts.
Materials from this session:

How to structure a business succession plan Parts 1 and 2

Author(s):  Peter BOBBIN

Annually there are hundreds if not thousands of business succession disputes; Courts across Australasia face claims and counterclaims, business owner friendships and family ties are torn asunder and millions are paid in legal fees. Mixing business and commercial concepts with tax planning, Peter Bobbin leads you through the How-to of modern succession planning, including:

  • tips for separation planning before they start
  • structures that get in the way
  • how to cajole the 90% that don’t want to do it
  • dissecting the succession plan key components
  • additional Family Succession issues
  • structuring the Buy/Sell plan
  • key tax issues that must not be missed
  • Stamp duty and GST management
  • traditional methods miss great tax concessions
  • triggering the tax liability, counter-intuitive but right
  • funding the agreement.
Materials from this session:

Multi jurisdictions and estate planning

Author(s):  John BALAZS

This paper follows on from earlier papers explaining the threshold issues practitioners need to bear in mind when undertaking international estate planning.

This paper focuses on:

  • recent events in the UK, US and Europe that affect planning
  • some planning examples
  • what’s new in Australia?
  • what if the plan goes astray?
Materials from this session:

Life estates

Author(s):  Emma Munro,  Kevin J MUNRO

This paper examines some of the issues to be considered by an estate planner when considering the use of life estates and whether this approach still has a role in the modern will. The paper considers some of the general issues relating to testamentary trusts:

  • nature of life interests and reversions
  • capital gains tax and life estates
  • practical application of taxation ruling TR 2006/14
  • advantages of the testamentary trust with life and reversionary interests
  • aset protection and testamentary trusts
  • the master trust concept role of family agreements in the estate plan.
Materials from this session: