Protecting Client Wealth with the Asset Protection Toolkit – a recorded lunchtime online conference

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: Using Trusts to Protect the Family Home

Whilst ensuring the home is in the name of a non “at risk” spouse is often used as an asset protection strategy, what if both spouses fall into the “at risk” category or a single person is seeking asset protection for their home? This session explores the alternative of using a trust as an asset protection vehicle for a main residence, with a spotlight on strategies involving property ownership by an at-risk individual, with the value held in a trust. It covers:

• The pros and cons of gifting or selling
• Using a gift and loan back strategy to ensure the value lies in a trust
• Ensuring borrowings and security are correctly structured
• The income tax implications
• Factoring in state and territory taxes and duties
• Documentation required to implement the strategy
• Interaction with the estate plan
• Case studies

Session 2: The SMSF as an Asset Protection Vehicle

With a major part of a person’s wealth likely to be held in superannuation, how does an SMSF fare as an asset protection vehicle? This session explores the key issues that arise when super funds to own business real property, as well as ensuring super funds do not fall into the hands of a trustee in bankruptcy. It covers:

• When can SMSF funds be at risk?
• Can a trustee in bankruptcy have claims to a member’s superannuation?
• Can contributions be at risk under bankruptcy clawback provisions?
• Does the timing of benefit withdrawals during bankruptcy matter?
• What happens if a trustee becomes bankrupt?
• The risks of a non complying SMSF (Frigger v Trenfield (No 10) [2021] FCA 1500)
• Super funds owning business real property – tips and traps to consider
• What is the Visibility of Superannuation measure introduced into the Taxation Act 1953?

Session 3: Protecting Assets from a New Partner or Future Spouse

With blended families come their challenges. These can include planning that takes into account spouses and children from past, present and future relationships. This session provides an introduction to family law concepts for non-family lawyers, and looks into the issues and strategies that may assist in ensuring the asset protection plans stay on track as relationships change, including:

• How family law treats various classes of assets in a relationship breakdown:
  • Assets held in discretionary trusts or companies controlled by a party to the marriage
  • Assets held in discretionary trusts controlled by the parents of the spouse in question
  • Assets held in testamentary trusts
• How family law treatment of various asset classes help in asset protection:
  • Initial contributions
  • Inheritances
  • Superannuation
  • Financial resources vs the pool
• Maximising your client’s asset protection position:
  • Moving the control of discretionary trusts and companies away from the at risk party
  • The use of testamentary trusts to protect inheritances from the consequences of failed relationships
• Using financial agreements to protect your client’s position
  • How to do a pre-nup without getting into trouble
  • Financial agreements in second marriages
  • Single asset financial agreements – what role do they play?