Session outline

• 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

Key takeaways 

• 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

Lunch

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)

Session outline
Elder and Succession Law Committee members will cover the following:

        - FIDS/FILTS Update
        - Electronic Signatures and Remote Witnessing
        - End-of-Life Choices (Voluntary Assisted Dying) Act
        - Independent Review of the Public Trustee 
        - Guardianship and Administration Amendment 

Session 3 - 100A Income Tax Assessment Act: Distributions From Trusts. Ron Jorgensen, Partner, Accredited Tax Law Specialist, Thomson Geer Lawyers  (CPD Guide: PS, SL) 

Session outline
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.

Key takeaways

• 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

Afternoon Tea

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
• Including:
  • 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

Key takeaways

• 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 

Closing Remarks