News : Estate Planning

Estate Planning

Advisers ignoring own estate planning

SMSF practitioners are not taking their own estate planning advice, leading to lawyers having to resolve disputes upon their passing.

SMSF practitioners are not taking their own estate planning advice, leading to lawyers having to resolve disputes upon their passing.

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Estate Planning, SMSF, Superannuation

Avoid cookie-cutter estate plans

Trustees should be warned from using estate plans that deal with SMSFs under a will as they are unlikely to be suitable in most cases.

Trustees should be warned from using estate plans that deal with SMSFs under a will as they are unlikely to be suitable in most cases.

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Aged Care, Estate Planning, financial advice, Financial Planning

Make aged care part of retirement planning

Aged care should not be seen as a separate area of advice, but included in any retirement discussions in the same manner as estate planning.

Aged care should not be seen as a separate area of advice, but included in any retirement discussions in the same manner as estate planning.

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Death benefits, Estate Planning, Legislation, Regulation

Death benefit payment timeframe gone

The ATO’s guidance suggesting a timeframe of six months is the definition of ‘as soon as practicable’ for death benefit payments has been removed.

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Death benefits, Division 296, Estate Planning, SMSF, Tax

Div 296 drives estate planning urgency

SMSF members retaining high balances inside super will need to be proactive in their estate planning to avoid a further post-death tax hit.

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Administration, Death benefits, Estate Planning, financial advice, Financial Planning, SMSF, SMSFA

Death does not stop income allocation

The distribution of fund income may need to be made to an SMSF member even though the individual in question has passed away.

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Estate Planning, financial advice

New digital estate planning service launches

fintech, Yodal, tele-estate planning, concierge service, financial advice, estate plan, digital estate planning, Steve Judd, Ian Tindale

Fintech Yodal’s new tele-estate planning concierge will help advisers deliver estate planning services at scale.

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Documentation, Estate Planning, Trusts

Trustee death requires creative response

self managed super, self managed super fund, self managed super funds, self managed superannuation, SMSF, wind-up, Heffron, Annie Dawson, executor, director, corporate trustee, enduring power of attorney, EPOA, section 17A, SIS Act, Sean Johnston

When the sole director of a corporate trustee dies, advisers will need to consider what options are available to allow the fund to be wound up.

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BDBNs, Estate Planning

Revised BDBNs must consider estate plan

binding death benefit nomination, BDBN, Cooper Grace Ward, Sarah Camm, Annual Adviser Conference, Brisbane,

Revisions to a BDBN must be made in reference to a member’s wider estate plan to prevent the nominations becoming confusing or conflicting with a will.

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Estate Planning, Superannuation

Intestacy may block super benefits

The lack of a will may require someone administering an estate to make their own application for super benefits given the direction of recent case outcomes.

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