News : Succession Planning

Death benefits, SMSF, Succession Planning

Equity rule key to benefit payments

Equity SMSF Death benefit BDBN Reversionary pension

Understanding the rules of equity is essential in determining how superannuation death benefits will be paid out in a legal case.

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Death benefits, SMSF, Succession Planning

Smaller SMSFs more practical

SMSF Succession planning Governing rules Enduring power of attorney Membership of a fund

An SMSF containing a small number of people is likely to experience fewer issues when planning for the death or incapacity of a member.

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Succession Planning

Constitutions neglected in trustee succession

constitution trustee succession

Trustees of a corporate SMSF have been advised to consider succession planning via the fund’s constitution rather than relying on the law.

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Succession Planning

Replacement trustees will need director ID

director identification SMSF

Corporate SMSF trustees intending to use an enduring power of attorney in the future need to ensure that person also has a director identification number to take on the role.

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Succession Planning

Create early access for EPOA

EPOA SMSF

Introducing an enduring power of attorney into an SMSF early could minimise complications after the trustee loses mental capacity.

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Succession Planning, Superannuation

BDBNs not only option for death benefits

BDBN death benefits

While BDBNs are a popular way to allocate death benefits, they can be overturned, so other existing options should also be considered.

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Estate Planning, Financial Planning, Succession Planning

Intergenerational relationships needed

intergenerational advice relationships

Intergenerational client relationships, instead of a focus on mature age clients, is critical for the future success of advisory practices.

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Documentation, Succession Planning

Care needed over LPR timing

LPR appointment timing

The length of time it takes to commence death benefit payments can impact the appointment of a legal personal representative.

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Appointments, Estate Planning, Succession Planning

Wealth transfer body names new directors

wealth transfer new directors

Three new directors have joined a fledgling association looking to represent the interests of advisers working in the wealth transfer space.

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Estate Planning, Financial Planning, Succession Planning

New body to focus on skills before size

SAPEPAA skills size

A new representative body will retain its boutique status for some time after its launch as it focuses on specialisation ahead of scale.

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