News : Estate Planning

Death benefits, Estate Planning

Death benefits to estate can help keep assets

IFPA super death benefit estate planning SMSF tax

Paying a super death benefit to a member’s estate can reduce the tax bill a beneficiary may receive and assist them in retaining specific assets from the fund.

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Death benefits, Estate Planning

Estate useful for directing super benefits

superannuation Death benefits Estate Institute of Financial Professionals Australia IFPA Natasha Panagis SMSF Self-managed super

A deceased estate can be a useful place to send super death benefits as it can provide wider options for distribution to beneficiaries than that allowed under the SIS Act.

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Administration, Estate Planning, SMSF

Caution needed with multi-purpose deeds

SMSF Will BDBN binding death benefit nomination Deed DBA Lawyers SMSF

SMSF practitioners should carefully examine deeds that are designed with multiple features as these could potentially complicate estate planning matters for a fund.

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Death benefits, Estate Planning

BDBNs can mitigate partiality risk

Conflict of interest Will Estate BDBN Death benefits

Trustees have two options to minimise the risk of legal challenges regarding conflicts of interest while managing an estate and determining the distribution of death benefits to beneficiaries.

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BDBNs, Death benefits, Estate Planning

Review fund deed when circumstances change

BDBN Seperation De facto Trust deed SMSF

It is crucial to review the trust deed of a fund in the breakdown of a spousal relationship to ensure estate planning strategies can continue to operate as intended.

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Estate Planning, Superannuation

Intestacy rules may prevent will dispute

Superannuation Estate planning Will Intestacy State rules

Superannuants should have a will, but state-based intestacy rules may sometimes deliver the same intended outcomes and avoid any disputes.

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Death benefits, Estate Planning, SMSF, Superannuation

Trustee awareness key in benefit payments

superannuation member benefit death benefit ATO SMSF

The ATO has further affirmed its treatment of a superannuation benefit paid after the death of a member will depend on the trustee’s awareness of that event.

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Estate Planning, Tax

Good tax outcomes need context

Incapacity Power of attorney Estate planning Income Tax Assessment Act

Certain estate planning strategies require specific communication to allow trustees to avoid triggering the Part IVA provisions of the tax act.

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Estate Planning, Legislation, Regulation

EPOA system needs national rules

Enduring power of attorney EPOA elder abuse Estate planning FAAA

The use of enduring powers of attorney needs to be standardised across the country to prevent elder abuse and ensure attorneys are fit and proper persons.

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Estate Planning, financial advice, Pensions, SMSF

Best openings from older clients

SMSF trustees Pension Strategies Financial advice Inheritance Estate planning

Two distinct issues have been identified as areas on which advisers should concentrate in order to provide the greatest value for their SMSF clients.

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