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All Things Being Equal in the Estate Plan – Then There’s the Tax

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TEN

All things being equal – but are they?

With the best of intentions an estate plan often sets out to treat the beneficiaries on equal terms. However, it may not be until the estate is being administered that tax rears its head in some form or another so that one beneficiary’s share is diminished by the potential tax consequences attached to a certain asset including superannuation.

This paper will look at:

  • How tax equalisation between beneficiaries can be factored into the estate plan;

  • Dealing with the tax consequences of non-resident beneficiaries receiving shares from an estate and in particular Capital Gains Tax (CGT) event K3 and how we may address tax discrepancies between beneficiaries;

  • Dealing with superannuation ‘death tax’ and who pays it;

  • How to address tax discrepancies between beneficiaries of superannuation death benefit;

  • Tax issues that arise where a Binding death Benefit Nomination directs a death benefit payment of commercial property in-specie;

  • Tax consequences if an executor does not follow the will and strategies for incorporating better tax outcomes in the estate plan.

The full paper is available to Sladen Smart Members sign up/login here to continue reading.

Magdalena Njokos