Testamentary Discretionary Trusts are becoming increasingly common in estate planning Recap the administrative and legal requirements of TDT’s, understand the benefits of using TDT’s, FIRB approvals and superannuation implications. This masterclass will focus on the practical implications of the administrative and legal requirements and will cover all the key regulatory changes and the impacts for your clients.
10.15am to 10.30am Vesting of Trust Assets and Transfer Duty
- Obtaining vesting orders for real estate
- Duty considerations for trusts generally
9.30am to 10.15am Why and When to Include Testamentary Trusts in Estate Planning
- High risk and bankrupt beneficiaries and Trusts and their intersection with Family Provision Claims
- Implications on Social Security e.g. Centrelink, life interests, rights of individuals, impact of NDIS, Disability impact on drafting wills
- Where beneficiaries are young children or on drugs
- when there are huge tax benefits as the TDT is protected from family court proceedings and from tax.
- the benefits of a testamentary trust, transferring assets pre death to avoid contested estate disputes, tax on investment assets, pre and post CGT
11.45am to 12.15pm New and Recent Cases and their Implications
- Review key cases that have emerged in the last 12 months when a particular trust may be appropriate for a client’s circumstances
Presented by Morgan Solomon, Director, Solomon Hollett Lawyers; author, Practical Guides on Non-Contentious Probate, Administration and Wills in WA, LexisNexis; Preeminent Wills & Estates Litigation Lawyer and Leading Wills, Estates & Succession Planning and Doyle’s Guide, 2022
9.00am to 9.30am Testamentary Trusts: Admin and Legal
- Explore the different types of testamentary trusts:
- Special disability trusts
- Life interest trusts
- Superannuation death benefit trusts
- Testamentary discretionary trusts
- Administrative and legal requirements for setting up a testamentary trust
10.30am to 11.00am How to Deal with Foreign Beneficiaries of Trusts
- When foreign beneficiaries are excluded from trusts
- Tax implications when foreign beneficiaries are included
- Implications with foreign executors
11.15am to 11.45am The Interaction between Testamentary Discretionary Trust and Superannuation
- When should super be paid in the TDT and how to draft the clause so it is tax appropriate
11.00am to 11.15am Morning Tea
Description
Attend and earn 3 CPD units in Competency Area 4: Substantive Law
This program is applicable to practitioners from all States & Territories
Gain strategies and advice directly from one of WA’s leading succession lawyers
Work through case studies and developments
Elevate your skills in these critical areas of testamentary trusts
Presenters
Mr. Morgan Solomon, Director, Solomon Hollett Lawyers
Morgan Solomon is one of Australia’s leading succession lawyers. His legal experience spans over 20 years and includes complex wills and estate planning and probate, inheritance issues, estate disputes and litigation and business succession. He also has a wealth of experience in general commercial law. Morgan is regularly listed in the renowned Doyle’s Guide each year as one of the leaders in estates law and frequently speaks to the legal profession and media on the ever-changing and increasingly complex landscape that is succession law. Morgan also sits on the Board of the Prostate Cancer Foundation and is the Chair of the Perth Theatre Trust.
