Source: The Tax Specialist Journal Article
Published Date: 1 Jul 2019
Superannuation and its link with estate planning has taken a big step forward since the 2017 superannuation reforms and the increase in the number of cases being contested before the courts and tribunals. Superannuation provides a useful vehicle as part of the management of a client's estate planning, but it is not exhaustive due to the limits imposed by the introduction of the transfer balance cap and the value of death benefits that can be retained in superannuation. It is essential that an adviser understands how death benefits can be retained in superannuation and who is eligible to receive lump sums and pensions. The validity of death benefit nominations, provisions of the fund's trust deed, and the last will and testament of the deceased are material to making sure that the right amount is paid to the right person at the right time. This article covers the superannuation side of estate planning, and discusses who is eligible to receive death benefit payments and the issues with a member's transfer balance cap.
More by Graeme Colley
SMSF Investment in property - Audio 31 Mar 2023
SMSF Investment in property - Presentation 31 Mar 2023
Super update - Presentation 04 Feb 2020
Superannuation & estate planning - Presentation 24 Oct 2019
Property investment in SMSF - Cooking with gas or playing with fire? paper - Presentation 12 Sep 2019
Superannuation and estate planning - Paper 23 May 2019
Superannuation and estate planning - Presentation 23 May 2019
Current SMSF challenges CGT relief and event-based reporting - Paper 14 Mar 2018
Current SMSF challenges - CGT relief and event-based reporting - Presentation 14 Mar 2018
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags