Elder and Succession Law Conference 2022
2022 subject matter includes: 100A and distributions from trusts; Superannuation and BDBNs; Estates over multiple jurisdictions; POAs and banks; and the ever-popular ethical pursuit quiz.
Format: In-person (Hobart)
Recorded: Yes, subject to presenter consent
10.40am - Registrations open
Session 1 - Superannuation: Latest Developments in Death Benefits. Nathan Yii, Principal Lawyer and Chartered Tax Advisor, Nathan Yii Lawyers (CPD Guide: SL)
- Who can superannuation be paid to and how? What are the tax implications?
- Is a binding death benefit nomination actually binding?
- How do the latest cases influence how binding nominations are made and how death benefits are paid?
- The exercise of trustee discretion and the payment of death benefits post death – tread very carefully
- Superannuation cannot be ignored in the estate plan – get specialist advice and deal with it properly
- A binding nomination is a legal document – not to be simply ‘filled’ out
- If there’s superannuation to be paid out on death, don’t act hastily
Session 2 - A Year Ahead. A Year in Review. Alison Wiss, Senior Lawyer, McMullen Lawyers; Kimberley Martin, Director, MMW Law; Gillian Groom, Council of Elders, Commonwealth Government and Kristen McLagan, Senior Associate, McLean, McKenzie, Topfer (CPD Guide: PM, SL)
Elder and Succession Law Committee members will cover the following:
- Testamentary Capacity Report Update – Alison Wiss
- Legislation & Policy Update – Kimberley Martin
- Electronic Signatures and Remote Witnessing
- End-of-Life Choices (Voluntary Assisted Dying) Act
- Independent Review of the Public Trustee
- Guardianship and Administration Amendment
- Aged Care Act and Elder Abuse – Gillian Groom
- Case Update – Kristen McLagan
Session 3 - 100A Income Tax Assessment Act: Distributions From Trusts. Ron Jorgensen, Partner, Accredited Tax Law Specialist, Thomson Geer Lawyers (CPD Guide: PS, SL)
The ATO has issued guidance on the application of s100A Reimbursement Agreements anti-avoidance rule to cancel a trust's unpaid present entitlement (UPE) to a beneficiary and tax the trustee at penalty tax rates. TR 2022/D1 and PCG 2022/D1 have been criticised for potentially applying to common trust distribution, asset protection and succession planning strategies considered by the profession to be ordinary family or commercial dealings. This presentation will critically consider the ATO's view in respect of common transaction including:
- creating and retaining UPEs as working capital of the trust or estate;
- setting-off, transferring, gifting and releasing UPEs for asset protection and succession planning;
- setting-off a child's UPE against a parent's expenditure maintaining that child.
- ATO acceptance of some common distribution, asset protection and succession strategies
- Possible adverse consequences for common distribution, asset protection and succession strategies
- Tax analyses of common distribution, asset protection and succession strategies
Session 4 - Powers of Attorney in Tasmania: Dealing with the Banks. Kristine Daniels, Customer Advocate Lead, ANZ Bank and Miles Farrow, Head of Legal, MyState Bank (CPD Guide: PM)
- POA registration systems: instructions versus requirements
- Ideal guidelines: content of a POA and EPA, purpose of the document; witnessing/certification requirements; and duties
- Key POA principles: Protect our Principal. Ensure POA instructions are valid. Ensure Attorney is acting in best interests of Principal.
- Complexities occur because of: lack of national register, states have different regimes but ANZ is national, unclear instruction.
- A person is deemed to have legal mental capacity unless proven otherwise, and we need to respect that by mandating proof of incapacity
- Beware of potential operational difficulties in executing special conditions, and manage everyone's expectations before writing special conditions into the POA.
- Remind Attorneys of their obligations, particularly in keeping their funds separate from Principals.
- Banks will make meaningful enquiries if it's unclear how the Attorney's request is in the Principal's interest. If still unclear, we will block the transaction, asking the Attorney to seek legal advice.
Session 5 - Death, Taxes and Ethics Trivial Pursuit. Julian Morrow, Lawyer, Comedian and TV Producer (CPD Guide: E) incorporating Networking Drinks + Canapes
110 Liverpool Street, Hobart 7000
By registering for this event you agree to the terms and conditions under the Society's Refund/Cancellation Policy and Terms and Conditions of Registration.
Important Copyright Notice
Papers and materials supplied in association with any Society event, activity and recording are subject to copyright and are provided for the registrant’s use only. They may not be shared, copied, reproduced, adapted, transmitted, or otherwise distributed, nor may they be modified or reposted to other sites in any manner.