Cross Border Tax Issues in Estate Planning for Private Clients and SMEs: A One Day Masterclass

In our global marketplace, an increasing number of clients are likely to have beneficiaries resident or domiciled outside of Australia. The tax issues can be complex and the challenges for advisers are significant. This in-depth masterclass provides five one-hour presentations designed to examine the tax and estate planning conundrums involved in advising clients in this ever-expanding space, including tax consequences of overseas inheritances, death taxes and cross-border estate planning.

Cross Border Estate Planning for Modern Families

• Increased globalisation and labour mobility mean that it is now commonplace to find clients with family members and assets across multiple jurisdictions. Through a series of practical case studies, this session explores the tax issues that arise on death as a result of foreign beneficiaries or foreign testators.

Looking a Gift Horse in the Mouth: Australian Tax Consequences of an Overseas Inheritance

• Australian beneficiaries receiving testamentary gifts from overseas testators may not always turn their mind to the potential tax consequences they need to consider. This session reviews the tax treatment of common categories of assets that are bequeathed.

Protecting Executors from Cross Border Tax Liabilities of the Estate

• The potential for either wilful or accidental tax evasion increases with multi-jurisdictional estates, as well as the likelihood of issues not being identified until post-death. What can an executor do to protect themselves if they discover that there is undisclosed foreign assets and/or income in the estate? This session considers the tax issues that an executor can face and provides ideas about how to mitigate his or her personal risk, using a case study of the executor of an Australian resident testator with undeclared foreign assets and income.

The Two Certainties of Life: A Survey of Death Taxes

• Inheritance and estate taxes, although slowly diminishing across OECD countries, remain a relevant consideration for advisers dealing with international assets. This session reviews the current state in a number of different jurisdictions.

Tax Issues for US Citizen Beneficiaries Residing in Australia

• Unless a US citizen renounces his or her citizenship (not an easy feat!), they remain liable for tax even when they are resident elsewhere. Where the US citizen is a beneficiary in an estate, this creates additional complexity. This session takes a deep dive into the Australian and US tax issues that arise for Australian resident US citizen taxpayers.