The 2017 superannuation reforms had a profound impact on pensions and contributions post 1 July 2017. What is still far less 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.
Even for smaller balance clients, it is important for advisers to have a thorough understanding of when and how death benefits must be paid and the tax consequences. A misunderstanding of these rules can lead to unnecessary complications and tax liabilities.
Join us at our next Masterclass where we use a 'real-time' case study to walk you through the issues to be addressed when a client dies with money in superannuation.
In this Masterclass we will cover the following:
- 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
- Effect(s) on ECPI and strategies to maximise fund's position
- Getting the documentation right
This Masterclass is a repeat of our popular Death Masterclass from prior years, updated for new developments since that time.
Group discounts are available: If you would like to register a group of 6+ registrations to the Masterclass at a discounted price, please email email@example.com for pricing.