Recorded Webinar: Paying Out Death Benefits: We have the Law but What About the Practicalities?

These days, paying out death benefits is not always as straightforward as advisers would like. Lumpy assets, considering transfer balance caps and the intricacies of how the benefit will be taxed, make up just some of the issues that need to be considered. Add in the coordination required from the various practitioners involved and it can get messy. This session provides a practical approach to the process of paying death benefits from an SMSF, including:

• The time frames for payments
• What if there is a challenge to the trustee’s decision or to the estate?
• The tax applicable to non-dependants:
  • the difference between receiving directly or via the estate
  • what if the death benefit includes life insurance proceeds?
• Can a property in specie transfer be an option and if so, what needs to be considered?
• Checklist covering:
  • what needs to be done
  • who does what (i.e. the roles of the lawyer, accountant, financial planner, fund administrator and trustee)
• Case study – SMSF holding minimal cash and a commercial property leased to a business operated by deceased’s children who wish to retain its use