Trusts and the Invincible Estate Plan - a miniseries of 3 one hour video webinars

Family Trust or Family Feud? Transferring Control of Family Trusts to the Next Generation

Transferring family trusts to the next generation can be fraught with danger. Clients need to proceed carefully, or else run the risk of assets being dissipated in a costly family feud. This session will examine what the key risks are when transferring wealth and control to the next generation and how to best minimise family disputes. It covers:

• Managing control of family trusts - understanding the legal mechanisms

• What should the power of appointment provide?

• Key considerations if variation is required

• Determining the objective of the transfer:

  • to one child/family group

  • to some children

  • to all children

• How to best manage trust control

• Rights of discretionary objects in disputes

• Keeping the peace:

  • Use of family agreements

  • Shareholder agreements

  • Family constitutions

  • Dispute resolution provisions

Testamentary Trusts Part One: Structuring for Maximum Impact

Testamentary trusts provide testators with the rare opportunity to protect family wealth and pass on assets in a tax-advantaged manner. However, not all testamentary trusts are prepared equal. This practical session examines the key structural issues with testamentary trusts to maximise their effectiveness as an asset protection tool. It covers:

• Why use a testamentary trust - key benefits and uses

• Getting the essentials right:

  • beneficiaries

  • appointors

  • trustees

• One or multiple testamentary trusts?

• Testamentary trusts and changes under 2018 budget:

• concessional tax rates available to minors limitations

• when will adult marginal tax rates apply?

• are superannuation assets outside deceased’s estate

• setting up a Superannuation Proceeds Testamentary Trust

• Getting the income clause right

• Income streaming with testamentary discretionary trusts

• Vesting issues

Testamentary Trusts Part Two: Protecting Family Members from Themselves

A key benefit of testamentary trusts is their ability to protect family members from themselves. Family “black sheep” can come in many shapes and forms: financial irresponsibility, insolvency risks, and addictions - such as drugs, alcohol or gambling. Protection of family wealth is key in these situations and, if done right, testamentary trusts can be the ideal way of shielding the assets. This presentation will show you how, including:

• Types of protective trusts

• What’s required for beneficiaries with:

  • An addiction

  • Financial irresponsibility

  • Warring siblings

  • Blended families

• Key issues in structuring and drafting when dealing with difficult situations

• Testamentary trusts and family law - trusts and property of the parties versus financial resource

• Testamentary trusts and managing bankruptcy and litigation risk