Dodging Financial Hazards in the Estate Plan – a recorded half-day online conference

Hear from the experts at this online lunchtime conference. You can watch it on your computer or on your portable electronic device from anywhere.

The conference will be based on our highly successful video webinar technology: there'll be a chairperson and presentations.

One registration can be shared by colleagues within the same firm utilising the same login.

THE PROGRAM

Session 1: Strategies for Managing Parent to Child Loans

Parents and grand-parents are commonly helping their adult children and grand-children through the provision of financial assistance. This session will look at how those making the loan can best protect their asset and ensure it is taken into account in the estate planning process, including:

• Loan or gift? Considering intention on both sides
• Documenting the arrangement – paper trails and loan agreement necessities
• Appropriate conditions and restrictions
• Taking security, charging interest and other protective strategies
• Updating wills and other instruments to take loans into account
• What happens if a loan is left owing to the estate?
• Dealing with the family fallout when things go wrong – options for dispute resolution
• Statute of limitation issues for loans “repayable on demand”

Session 2: Tidying Up Tax Nasties in Your Clients’ Estate Plans

Despite the best of intentions, sometimes a deceased can leave behind a number of messy tax affairs. This troubleshooting session explores how to clean up tax liabilities and other nasties in a deceased estate, as well as how to avoid these tax nasties from occurring in the first place. It covers:

Tax strategies pre-death:

• Tidying up Div 7A loans and application of debt forgiveness rules
• Should you forgive UPEs and soak up carry forward losses now?
• Should you bring forward CGT events?

Tidying up tax nasties post-death:

• Section 109RB – applying for the Commissioner’s discretion
• Tax obligations of executors and other legal personal representatives
  • ATO guidance in PCG 2018/4 Income tax - liability of a legal personal representative of a deceased person
• Case study: Troubleshooting a Div7A breach identified post-death

Session 3: Passing on the Baton: Business Succession and the Estate Plan

Business succession planning is complex. It involves bringing people into and out of business, shareholder considerations, asset protection and a range of tax implications. This session explores some of the key issues involved with taking care of business in the estate plan, including:

• Bringing on new shareholders
• Franking credits for the departing shareholder
• Buy-sell funding and insurance
• Dealing with retained earnings prior to exit
• Using the small business CGT concessions
• Business succession and the next generation:
  • Dividing up the estate when only some of the kids are interested in the family business
  • Contributing value back into the family
  • Option agreements
  • Ways to pass control