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Recorded Webinars

Recorded Interactive Webinar: The Main Residence After Death: Tax, Trusts and Planning Options

As well as the main residence often forming a large part of a deceased estate, it’s also an asset that likely has a personal attachment, as well as potential for future ongoing use by family members. This all leads to the main residence requiring careful consideration in the estat
PRESENTED BY Lauren Howes Special Counsel, AccS(Wills&Estates) - Turner Freeman Lawyers , Wollongong

Date/Time

About the Webinar

As well as the main residence often forming a large part of a deceased estate, it’s also an asset that likely has a personal attachment, as well as potential for future ongoing use by family members. This all leads to the main residence requiring careful consideration in the estate plan. With the ATO signalling increased scrutiny of post-death main residence arrangements, particularly involving life interests and trust structures, the tax outcomes are becoming less certain and more dependent on how arrangements are structured. This session looks into the options available and issues to consider, including:

  • The tax treatment of the main residence subsequent to death, including:
    • if sold by the executor
    • if transferred directly to a beneficiary
    • if retained and held on trust for future use
    • issues to consider if the deceased owned their home, however resided in an aged care facility at time of death
  • The ATO’s emerging position on life interests and rights to occupy, and when these arrangements will (and won’t) support access to the main residence exemption
  • When a right to occupy may fall short of a sufficient ownership interest for CGT purposes
  • The risk of losing the main residence exemption where the property is retained in a trust structure, including where control or income elements are present
  • Practical structuring considerations to preserve the exemption in light of the ATO’s draft guidance
  • The options available to maintain the main residence in an arrangement or trust structure for future use by a beneficiary/(ies)
  • Dealing with:
    • responsibility for ongoing property costs for a main residence to be retained post-death
    • planning for future use of property becoming unsuitable for a beneficiary
    • the term of retaining the property for future beneficiary use 
  • The state and territory tax and duties to consider, including:
    • the issues with the inclusion of a non-resident or potential non-resident beneficiary
    • availability of exemptions or concessions for main residence post death
  • Tips for will drafting involving the various options for a main residence when property interwoven with a gift and loan back strategy
  • Pros and cons of a pre-death main residence transfer to:
    • a family member/(s) directly
    • a trust

Presented By

Lauren Howes
Special Counsel, AccS(Wills&Estates), Turner Freeman Lawyers Wollongong, NSW

Lauren Howes is a Special Counsel at Turner Freeman Lawyers and a NSW Accredited Specialist in Wills and Estates.

She holds a Master of Laws in Commercial Law, along with degrees in Law and Medical Science.

Lauren has more than a decade of experience in wills and estates and property law, including complex estate litigation, administration, and planning.

She has worked with charities, high net worth individuals, and government organisations, and is a past President of the Shoalhaven and District Regional Law Society, as well as an active member of the NSW Law Society.

Who Should Attend?

This webinar is suitable for lawyers and accountants throughout Australia who advise in estate planning matters.  This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

CPD Information

Accountants can claim up to 1 CPD hour. Lawyers can claim up to 1 CPD unit/point – substantive law. This webinar has been designed to run for 1 hour, however, webinar lengths can vary depending on the level of questions and discussion.

OPTIONAL ONLINE QUIZ

We will be adding an optional online quiz to the recording of this webinar to make it interactive in terms of the type of CPD that can be claimed. Upon completion of the quiz the successful registered user will receive a CPD certificate confirming completion and the CPD units/points/hours earned. The online quiz will be available with the recording – typically within 1 to 2 days of the live webinar being held.

WA lawyers – Please note that TEN is unable to verify your completion of recorded webinars to the Legal Practice Board of WA. TEN is an accredited provider.

While TEN takes all reasonable care to include accurate and up-to-date information regarding CPD category classifications and compliance obligations, information regarding CPD point allocation are provided as a guide only. Allocation of CPD points is subject to the CPD requirements of your jurisdiction, personal circumstances and professional requirements. You are solely responsible for determining whether a particular product is appropriate for your CPD requirements.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Jason Hooker on (03) 8601 7709 or email: [email protected]

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