The 2017 superannuation reforms had a profound impact on pensions and contributions post 1 July 2017. What is still far less well known is their significant impact on estate planning.
For the first time, couples with large superannuation balances might have to withdraw some of their superannuation capital when the first one of them dies. Certainly it will be far more common in the future for funds paying death benefits to have a combination of pension and accumulation accounts rather than being entirely in pension phase. The flow on effects for fund tax, personal tax and wealth distribution are enormous.
Join us at our next Masterclass where we use a real-life case study to walk you through the issues to be addressed when a client dies with money in superannuation.
- Refresher on to whom benefits can be paid and in what form
- Maximising the amount able to be retained in super on death & dealing with any liquidity issues
- Demystifying transfer balance accounts
- Reversionary pensions vs non-reversionary pensions
- Dealing with insurance proceeds
- Affect on ECPI and strategies to maximise fund's position
- Getting the documentation right