Tax Effective Strategies for Managing the Estate Plan – a recorded half-day online conference

ration: Approximately 2.5 Hours

Hear from the experts at this online conference. You can watch it on your computer or on your portable electronic device from anywhere.

The conference will be based on our highly successful video webinar technology: there'll be a chairperson and presentations.

One registration can be shared by colleagues within the same firm utilising the same login.

THE PROGRAM

Session 1: Life Cycle of a Testamentary Trust

Testamentary discretionary trusts are a fundamental part of estate planning, but some parts are not as well understood. And, with the recent Federal Budget’s attack on excepted trust income, the challenges are continuing to grow. This session examines the life cycle of the testamentary trust and considers some of its more challenging aspects, including:

• When does the TDT commence?
• Moving assets into the TDT
• Distributions by the TDT
• Tax advantages in using a TDT to invest
• Recent reforms regarding excepted trust income – what will the new rules attack and where does that leave us regarding testamentary trusts for minors?
• 20 years on – practical issues arising from ongoing operation and administration of the TDT
• Navigating the tax issues on vesting
• Application of CGT E events and rollovers
• Using a deed of arrangement/compromise as part of the TDT
• Winding up and the tax implications

Session 2: Main Residence Tax Issues in Estate Planning

Though there is widespread awareness of the CGT main residence exemption, there are traps and hazards with the main residence which can trip up clients and advisers. This session uses the following practical examples to work through the tax implications:

• Taxpayer’s interests in the property have pre-CGT and post-CGT components
• Taxpayer acquired interests in the residence at different times and with different cost bases
• There has been a period of non PPR use – the 6-year safe harbour
• The surviving spouse resides in the property but is an at-risk individual and the preference is for the main residence to be held by another entity – is it possible to keep PPR? Use of life interest or right to occupy; using a testamentary trust
• The main residence is owned by surviving spouse who is absent (for example, in a nursing home) for an indefinite period of time
• Main residence is inherited equally by multiple children but not PPR for all of them

Session 3: Tax Effective Options When Providing for Minors: Thinking Beyond a Testamentary Discretionary Trust

Decisions on how to provide for minor beneficiaries involve practical considerations balanced with tax optimisation. While a testamentary discretionary trust is often seen as the structure of choice, there are many more alternatives available. This session explores the following options from a tax and estate planning perspective:

• Child maintenance trusts for families going through marital separation:
  • what assets can be put in?
  • are roll-overs available?
  • can Division 6AA anti-avoidance rules apply?
• Post death testamentary trusts
• Super proceeds trust as part of a will
• Post death super proceeds trust
• Child pensions
• Contributions to beneficiaries’ superannuation
• Options for grandparents to create trusts for minors