Recorded Interactive Webinar: Dealing with the Main Residence in the Estate Plan: Who Gets It, Who Pays and What are the Tax Risks?

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. 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 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
• Tips for will drafting involving the various options for the main residence