Recorded Webinar: Tax Consequences of Creating and Maintaining Life Interests in the Estate Plan

 

20 March 2020
Duration:  approx. 1 hour

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 ABOUT THE WEBINAR
The increasing numbers of blended families have also led to increasing interest in life interests as a way to provide security for a surviving spouse while ensuring that assets eventually go to the children of the testator. This session considers the tax implications that may arise as a result of life interests, including the following scenarios:

  • Susan dies and her will provides that her second husband Tom will have a life tenancy in the house that they lived in. Once he dies, the house will go to her two children from her first marriage, Alex and Sam.

    • Scenario 1: Tom lives in the home until he dies, and Alex and Sam receive the house in equal shares.

    • Scenario 2: Alex and Sam disclaim their remainder interest in the house.

    • Scenario 3: Tom, Alex and Sam enter into a deed of arrangement agreeing to vary the will so that the house is sold, and he receives a proportion of the proceeds so that he can downsize into an apartment.

    • Scenario 4: The house is rental property in which Tom has a 50% direct interest in the house, and a 50% life interest through Susan’s will. Alex and Tom disclaim their remainder interest in the house, and Tom sells the house.

  • What tax consequences arise as a result of the creation of the life interest?

  • What CGT events are triggered for Tom, Alex and Sam as a result of the various proposed transactions?

  • Identifying market value of the life and remainderman interests

  • What stamp duty issues need to be considered?

 PRESENTER
Recorded Webinars,Estate planning and Wills,Recorded Webinar:  Tax Consequences of Creating and Maintaining Life Interests in the Estate Plan

Kevin Munro, Principal, Munro Lawyers, Sydney

Kevin Munro has over 37 years’ experience in tax and superannuation, forming Kevin Munro and Associates in 1994 and Munro Lawyers in 2007. Prior to founding Kevin Munro & Associates, Kevin was a partner in charge of tax at Gadens Lawyers from 1986-1994. Previous professional experiences included solicitor at Baker & MacKenzie, tax manager at Greenwood Challoner Chartered Accountants and research officer with the Tax Institute of Australia.

Kevin provides advice to clients, particularly professional firms and their clients, in respect of:

  • Business restructuring

  • Federal taxes (including income tax, capital gains tax and goods and services tax)

  • State taxes (including stamp duties, pay roll tax and land tax)

  • Superannuation

  • Estate planning and wills

  • Tax audit and tax litigation matters

Kevin has also acted for a number of clients in respect of the sale and purchase of businesses and companies. Kevin is innovative and creative in his advice to clients whilst addressing the complexity of the ever-changing tax laws.

Kevin is active in professional education and gives lectures and workshops for organisations including the Taxation Institute of Australia, the CLE Centre, The Law Society of NSW, the College of Law, Certified Practising Accountants, and the National Tax and Accountants Association.

Kevin is a Chartered Tax Adviser (CTA) of the Taxation Institute of Australia and a member of the inaugural NSW Law Society’s Advisory committee for Small Business Accreditation. Kevin is a member of the Society of Trust and Estate Practitioners (STEP). Kevin holds a Master of Commerce and a Bachelor of Agricultural Economics, and is a 1979 Churchill Fellow.

 WHO SHOULD ATTEND?

This webinar is suitable for lawyers and accountants throughout Australia who advise in estate planning matters. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

 ENQUIRIES/ASSISTANCE
If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: lisa@tved.net.au
Recorded Webinars,Estate planning and Wills,Recorded Webinar:  Tax Consequences of Creating and Maintaining Life Interests in the Estate Plan



© Television Education Network Pty Ltd 2020

Product Code: WB8MAR20
 Price:  $264.00 (Inclusive of GST)
© 2020 Television Education Network Pty Ltd. All rights reserved. The program for this webinar is copyright and may not be reproduced in any form without the prior written consent of the copyright owner.