The tax landscape is constantly evolving and the challenges facing advisers continue to grow. This half day masterclass is designed for lawyers and accountants seeking to deepen their knowledge of estate planning tax issues.
Estate Planning Strategies when the Family Trust is Vesting
When a family discretionary trust vests, beneficiaries’ interests become fixed, and significant tax consequences may arise. The ATO’s 2018 tax ruling on the vesting of trusts makes it clear that once a trust vests, there is no action that can be taken to turn back the clock for tax purposes. This session explores the options available to advisers when clients are living with a trust that has vested, or where a vesting date is imminent. It covers:
- The trust has vested - now what?
- Understanding TR 2018/6 Income tax: trust vesting - consequences of a trust vesting:
- Does vesting trigger any income tax consequences?
- Unwinding an ineffective distribution - what do trustees need to consider?
- What does the ATO ruling mean for the second generation of family trusts?
- Varying the vesting date:
- When is it possible?
- Will extension of a vesting date trigger resettlement?
- Planning around an inevitable vesting - directing the trust assets and exploring restructuring opportunities
- Is it time to revisit South Australian trusts?
- Is it possible to convert an existing trust to a SA trust with perpetual succession?
- The degree of connection required to SA
Dealing with Loan Accounts and Unpaid Present Entitlements in the Estate Plan
Loans and unpaid present entitlements are a given with any family group with a complex structure in place. Ensuring that they are dealt with appropriately is key to ensuring your estate plan holds up. This session covers:
Dealing with Business Succession Asset Protection in Family Businesses
Putting in place a business succession plan for your family business is only half the battle. The other half is ensuring it properly protects assets. Both must be aligned to maximize control and minimise disputes down the track. This session examines the key issues, including:
The role of the appointor in family business succession planning
Understanding the importance of the trustee of the family trust in business succession
Asset protection and entity structuring – controlling the threat of litigation
Managing the threat of competing family interests in business succession
Factoring in retirement plans early as an asset protection strategy
Creating a family constitution or deed of family arrangement
Use of special purpose trusts
Assessing when to assign rights in property