With an ageing population and increasing wealth held
personally and via trusts and estates, the practical matters in the event of
incapacity or death have increasing importance.
be used sparingly, creating life and remainder estates continues to be a
popular option for many will makers.
their life or remainder interests early, and there are a range of consequences
that arise from such early terminations.
|Join us on the Gold Coast, 19-20 July 2018|
QC, CTA (Life) presents the session ‘Issues with life estates’. We spoke to him
about what to expect from his presentation.
their surviving spouse with a life interest in the family home and in other
assets, which will pass to their children when the spouse dies. Very often this arrangement is unsuitable by
the time the will maker dies, or later becomes unsuitable, because the
surviving family members need full ownership of the family home or other estate
assets. If that happens the children and
the surviving parent can agree to cancel the life interest, but unfortunately
doing so can create a large tax liability.”
terminating life and remainder estates prematurely and explore the options
available for minimizing the tax payable when doing so.
of equitable life and remainder estates under TR 2006/14, he will look at the
CGT consequences of surrender of life and remainder estates, of varying life
and remainder estates, and of assigning life and remainder estates, as well as
the main residence exemption.
liabilities can arise, who is liable to pay it, and suggest some strategies for
avoiding or dealing with such liabilities. Practitioners who attend this
session should come away with a better understanding of how the Commissioner
applies CGT to life estates. They should
also be better equipped to advise clients making wills who propose to leave
life interests, and beneficiaries of deceased estates who wish to cancel a life
|Michael Flynn QC, CTA (Life)|
West, specialising in taxation and was President of The Tax Institute in 2014.
He is the author, with Miranda Steward, of Death
and Taxes, and with James Kessler, QC, of Drafting Trusts and Will Trusts in Australia. He has appeared before
the Federal Court and the High Court in many cases on behalf of both taxpayers
and the Commissioner.
Michael has been a member of various committees of The
Tax Institute for over 20 years, including our Victorian State Council and
National Council. He lectures in the postgraduate program at Melbourne
University and is President of the Tax Bar Association.
at tax liabilities and just who is responsible for them, presented by Lyn Freshwater
(ATO), with David W Marks QC, CTA (Queensland Bar) providing commentary.
advisers face in the administration of an estate, including income tax, CGT and
other relevant litigation, superannuation and death, and a keynote address from
David W Marks QC, CTA, on ethical issues facing advisers.
19–20 July 2018 on the Gold Coast.