News : Estate Planning

BDBNs, Estate Planning

Status of SMSF wills clarified

SMSF wills status

The use of SMSF wills is likely to increase after the Hill v Zuda case affirmed they were a legitimate way to bind death benefits to a beneficiary.

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Estate Planning, Pensions

Multiple pensions an estate planning tool

estate planning pensions

Estate planning and contribution strategies can be contributing factors toward a decision for SMSF members to run multiple pensions within their fund.

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Estate Planning, Property

Limited consideration of property at death

SMSF property death benefit

Non-specialist SMSF advisers are not considering how to treat property as a death benefit.

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Estate Planning

BDBNs can pose adviser risk

BDBN SMSF legal

The practice of using a BDBN to direct the death benefits of an SMSF member straight to that person’s estate could soon attract legal action.

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Estate Planning

EPOA should start immediately

enduring power attorney start

The commencement date for an enduring power of attorney should not be when an SMSF trustee loses capacity, otherwise legal disputes can occur.

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Estate Planning, Retirement

Return focus of super to retirement spending

retirement estate planning

The end result of superannuation should be spending in retirement and not estate planning, according to a technical expert.

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Documentation, Estate Planning

EPOA disputes have common causes

EPOA disputes

Disputes around an enduring power of attorney usually have three causes and advisers can play a role in helping clients resolve them.

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Estate Planning

Address death benefits at fund set up

death benefits establishment

The best time to address the payment of death benefits for SMSF members is at the time of the fund’s creation.

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Estate Planning, Superannuation

Fund membership not tied to lifespan

SMSF membership death

SMSF members should ensure fund membership endures after death if planning on using a third party to manage death benefit payments.

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Estate Planning, Tax

BDBN to estate can create tax advantage

BDBN estate tax

Having a person’s estate specified as the beneficiary of a binding death benefit nomination could result in a significant tax saving.

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