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Estate and Succession Planning

Published on 29 Jul 2013 | Took place at Intercontinental Adelaide, SA

    As the ‘baby boomer’ generation looks towards retirement and beyond, more and more clients are seeking advice on when and how to pass their businesses and personal wealth to the next generation. As advisers, it is critical to understand the most effective ways to achieve this from a tax, asset and commercial perspective.
    This seminar included a variety of speakers presenting on a range of estate and succession planning topics affecting individuals, companies, trusts and superannuation funds. The topics will be both from the perspective of what will happen on death and also what steps should be taken pre-death to give effect to your client’s objectives.
    Topics covered included:
  • dealing with super in the estate planning context
  • incapacity – who can sign the cheques?
  • tools for tax effective pre death structuring and succession planning
  • tips and traps when dealing with companies and trusts
  • restructuring in the estate planning environment – getting it right for everyone

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Individual sessions

Dealing with super in the estate planning context

Author(s):  Phil MCGOVERN

Superannuation, Estate Planning & SMSF Succession are now of vital importance but are areas often overlooked/little understood – your clients are looking for certainty in relation to who is to receive and who will control their Super following incapacity or death.

This paper considers:

  • estate planning & super – basic principles
  • who can receive/SIS Dependants?
  • tax/non tax dependants
  • death benefit direction/payment options
  • use of Binding Death Benefit Nominations
  • SMSF Succession Planning/SMSF Control on death/incapacity.
Materials from this session:

Incapacity: Who can sign the cheques?

Author(s):  Andrea MELILLO

While clients and advisers often plan for death, little is generally done to deal with incapacity. With people living much long due to advances in medical science, incapacity caused by physical and mental illness, injury or trauma is a much more likely event than premature death. A client’s incapacity may have a significant impact on various matters including control of their assets, and much closer to home, providing instructions to advisers and paying their costs.

This paper provides an overview of:

  • the arrangements that can be put in place while a person has capacity
  • the arrangements that can be put in place once a person becomes incapacitated
  • the new Advance Care Directives Act 2013 (SA) 
  • advisers as attorneys.
Materials from this session:

Tools for tax effective pre-death structuring and succession planning

Author(s):  Ian SNOOK

In order to give effect to a client’s estate or succession objectives it is often necessary to pass assets to the next generation before death or to undertake some restructuring pre-retirement or pre-death to ensure that assets can be passed to the appropriate people in the most effective manner. Often income tax, capital gains tax, GST and stamp duty implications are a major hurdle to transfers or restructures of this kind.

This presentation provides some tools for minimising the impact of these costs:

  • commercial considerations in passing assets to the next generation before death
  • common reasons for pre-death restructures
  • CGT small business concessions
  • relevant CGT roll-overs
  •  stamp duty exemptions and relief (for example, family farms)
  • GST considerations for business restructures; 
  • concessions and benefits available if wait until death.
Materials from this session: