Recorded Webinar: Equity or Equality? Estate Planning for Beneficiaries in Different Tax Circumstances

Where the beneficiaries of an estate are spread across different jurisdictions (and especially where the assets are also multi-jurisdictional), one of the questions that can arise is the extent to which the testator wishes to equalise the tax treatment amongst beneficiaries of his or her estate. This session steps through the logistics of seeking equal post-tax bequests, including:

• Where overseas and Australian resident beneficiaries receive equal shares of the estate, will the Australian beneficiaries be effectively liable for the tax liability of the overseas beneficiaries?
• Where overseas residents have a higher rate of tax payable in their resident jurisdiction on distribution of the estate, should the estate be framed to distribute more to them pre-tax?
• Should the allocation of assets to beneficiaries change when assets are located in multiple jurisdictions?
• Should a tax equalisation clause be included in the will by way of a formula calculating notional tax?
• Managing top up tax – how do you equalise the equalisation payment?