Estate planning for advisers a practical course

Transcription

1 Estate planning for advisers a practical course

2 About the course Presented by our Australian Executor Trustees (AET) estate planning specialists, this one-day course focuses on the practical issues of estate planning to complement the services you offer. Upon successful completion of this course, you ll be able to identify your client s estate planning opportunities and offer solutions. As one of the IOOF group s aligned advisers, there is no charge for this course. On successful completion, this course qualifies for CPD points (application pending) and we ll issue a certificate of competency in estate planning. This course aims to: strengthen your knowledge of the estate planning process so that you can confidently engage your client in the estate planning conversation provide you with the tools you need to entrench estate planning as a necessary part of your client engagement model give you the knowledge of estate planning to help strengthen your client relationships and entrench you as the adviser for not only your client but their family as well help you retain and maintain FUM by becoming part of the inter-generational transfer of funds between your clients and their beneficiaries through estate planning. Who should attend? We have designed this course to cater for all levels of experience and knowledge. So, if you want to engage with your clients in the estate planning process in a meaningful and knowledgeable manner, then this is the course for you. As an experienced provider of estate planning services, we ll give you the support you need to ensure that not only can all your client s plans be implemented, but that all the necessary legal documents are in place. 2

3 AET Estate planning for advisers a practical course Course content Introduction What are the objectives of the course? What is estate planning all about? Reviewing the existing estate plan. Asset protection the current legal position. Tax and stamp duty what do you need to know? Being looked after during your life-time: Powers of attorney (financial). Enduring guardianship/medical power of attorney (health/medical/lifestyle). Succession for all the assets owned. Estate planning certainty for your clients and their families Who needs estate planning? What basic documents does each client need? A Will. An enduring power of attorney. An appointment of an enduring guardian/medical power of attorney. A superannuation nomination or direction. Succession for all the assets owned What assets cannot be gifted in a Will? Estate assets versus non-estate assets. Assets owned as joint tenants. Assets held in a family trust. Assets held in a company. What assets are not usually gifted in a Will? Superannuation. Life insurance. A Will the centrepiece of estate planning The executor(s) The role of an executor explained in practical terms: Initial administration. Communication with beneficiaries. Collecting assets and pay outstanding debts. Selling or transferring remaining assets. Determining superannuation entitlements. Making distributions. Registering death on joint tenancy assets. Taxation matters. SMSFs? Trustee of testamentary trusts? What are the risks involved in being an executor? Choosing an executor the options: Family/friends? Independent/professional executor? Why would you need a professional executor? The benefits of engaging a professional executor. Accountant/lawyer versus a trustee company. Costs. An introduction to testamentary trusts What is a testamentary trust and what are they used for? What is an optional testamentary discretionary trust? What are the advantages of an optional testamentary discretionary trust? Flexibility for the beneficiaries. Protection of assets. Taxation advantages. Other testamentary trusts Protective trusts. Charitable trusts. Education trusts. Life interests. Rights of residence. 3

4 Dealing with superannuation in a Will what do you need to know? The need for an adjustment of entitlement clause. The need for a superannuation death benefits clause. Appointing a guardian for minor children What is a testamentary guardian? What are the powers and responsibilities of a guardian? How does a guardian access funds for the minor s welfare? Challenging a Will Challenging the validity of a Will That the strict legal requirements for the creation of a Will have not been followed. Lack of testamentary capacity. Undue influence and coercion. Claims against the estate - family provision/testator s family maintenance What is it and who can claim? The requirements of a successful claim. Case study a true story. Minimising the risks of a claim. Estate planning for couples What are the risks if they pass everything to each other? What are the strategies for couples? Choosing an asset for the direct inheritance. Relying on a binding financial agreement? Testamentary life interests: What is a testamentary life interest trust? What are the advantages and disadvantages of a life interest? The family home - rights of residence, tax implications? Superannuation - tax implications? Small APRA fund solution = an innovative solution to preserve the super for intended beneficiaries. Estate planning for blended families What are the issues? What are the strategies for blended families? Testamentary life interests. Superannuation our small APRA fund solution for blended families: What is the strategy? What is the solution? How do you get involved? Case studies/examples. Estate planning for disabled beneficiaries What are the issues? What are the strategies for families with disabled beneficiaries? Protective trusts Special disability trusts Superannuation our small APRA fund solution: What is the strategy? What is the solution? How can you be involved? Case studies/examples. Charitable giving What are the options? Charitable testamentary trusts Why choose a charitable trust over an outright bequest? What are the benefits of a testamentary charitable trust? How does a testamentary charitable trust operate? How can you partner with us and retain FUM after your client dies? Private ancillary funds How does a private ancillary fund operate? What are the benefits? How can you partner with us and retain FUM after your client dies? 4

5 AET Estate planning for advisers a practical course Public ancillary funds How does a public ancillary fund operate? What are the benefits? How can you partner with us and retain FUM after your client dies? Superannuation and estate planning Introduction the most complex part of estate planning. The importance of superannuation death benefit nominations: Binding nominations versus non-binding nominations what should you be doing and why? Should a benefit be paid to a dependant directly or to the LPR? The effect of a reversionary pension on a nomination. Cascading nominations. Control issues. Superannuation death benefits tax what do you need to know from an estate planning perspective Advising clients who have an SMSF: The governing rules what to look for. The age of the deed. Corporate trustee versus individual trustees. Control of the SMSF on death of a member. Control of the SMSF on loss of capacity of a member. The importance of binding nominations/binding directions. The requirements for a valid binding nomination. Small APRA funds: An alternative to an SMSF. When should they be used? Life insurance and estate planning Insurance held personally versus insurance within superannuation: Tax and estate planning considerations. The nominated beneficiary: To a beneficiary directly versus to the estate? Is the life insurance intended to reduce debt? To a testamentary discretionary trust Will (and who will be the beneficiaries)? Family discretionary trusts and estate planning Transferring control of a family discretionary trust how does it work? The importance of the deed. The role of the trustee. The role of the appointor/guardian/principal. The beneficiaries. The vesting date. Loans. What do you need to look for and understand? Companies and estate planning Transferring control of a family company: The importance of the constitution/memo and articles. Who holds the issued shares? Who are the company officers? Loans. What do you need to look for and understand? Partnerships and estate planning What happens on the death of a partner? The importance of a partnership agreement. Identifying the assets of the partnership. Dealing with the assets in a Will. What do you need to look for and understand? 5

6 Asset protection how can a testamentary trust help? What advice is being given? What assets are at risk? The family home? Family discretionary trusts? Companies? Who is in control? The benefits of our estate planning service Our estate planning service: About us. Estate planning specialists = expertise. Technical support superannuation and tax. Located all around mainland Australia. Regional solutions. Do not insist on executor appointments. Fixed fees = no surprises. They are your clients. Unbundling. Estate planning what s in it for you as the adviser? The estate planning discussion with your clients. Your role as the adviser you as the lead adviser. The lead adviser and estate planning how it can work for you. The lead adviser and our estate planning lawyer the partnership. Estate planning what s in it for the adviser? Retaining FUM. Obtaining FUM. Remuneration fee for service, ongoing annual fees how does this work for you? Examples of adviser engagement after death of a client. Our estate planning service where to from here? They are your clients. Pre-positioning your clients: The likely fee. Pre-meeting information to be obtained use our form. Our client guides and brochures, including testamentary trusts. Where should you meet your clients? The solution for regional clients. The suggested wording for your Statement of Advice. Contact details for: our estate planning lawyers. our trust and fiduciary representatives. Australian Executor Trustees Limited ABN AFSL Part of the IOOF group TRA-1764