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2020 Breakfast Club Series: Testamentary Discretionary Trusts

Friday, 19 June 2020 - 7:30 AM to
Friday, 19 June 2020 - 9:00 AM
     

Registration Time: 07:15:00 AM

Member Price: $160.00

Non Member Price: $200.00

CPD hours:1.50

Testamentary Discretionary Trusts

Testamentary discretionary trusts are created under a will and can provide various asset protection, taxation and discretionary benefits. When drafting new testamentary discretionary trust wills, in additional to the potential very significant asset protection provisions, the tax consequences and trust law requirements must be carefully considered.

The purpose of this session is to consider testamentary discretionary trusts in light of asset protection, tax and trust law elements. The session will cover:

  • an overview of testamentary discretionary trusts and their potential personal and business asset protection benefits for succeeding generations;
  • potential implications of the Treasury Laws Amendment (2019 Measures No. 3) Bill 2019 on the availability of certain tax concessions;
  • Division 6AA (prescribed persons) and Part IVA of the Income Tax Assessment Act (1936) and their affect on testamentary discretionary trusts;
  • important lessons to remember from the case of The Trustee for the Estate of the late AW Furse No 5 Will Trust v FCT (1990) 21 ATR 1123;
  • PS LA 2003/12 and capital gains tax issues for testamentary discretionary trusts; and implications for existing testamentary discretionary trust wills, codicils and new wills

Presenters:

Justin Hartnett, Harwood Andrews

Justin Hartnett is a principal of Harwood Andrews in the wills and estates practice area. He is accredited by the Law Institute of Victoria as a specialist in wills and estates. Justin has significant experience in the provision of specialised advice on the implementation of wills and succession plans that allow clients to protect their assets, make significant life decisions and ultimately ensure that their wishes are carried out accordingly. Justin has been recognised in Doyles guide as a Leading Wills and Estates Litigation Lawyer in Victoria, since 2015 and a leading Wills and Estates and Succession Planning Lawyer in Victoria since 2018.

Rod Payne, FTI, Harwood Andrews

Rod Payne is a principal of the Harwood Andrews business law practice area. Rod applies his specialist knowledge across a diverse range of business law areas to help clients achieve their objectives. Rod is accredited by the Law Institute of Victoria as a specialist in business law and has been practising law for over 30 years. A key element of Rod’s practice is the provision of practical advice to clients and their accountants in relation to taxation, asset protection and business structuring.

Special Offer

Subscribe for the 2020 Breakfast Club series and save up to $80 per session.