Estate Planning: Not Just for the Rich and the Famous


Estate Planning: Not Just for the Rich and the Famous
Modern estate and succession planning involves ensuring, as far as possible, that assets are protected for the next generation and taxation issues are properly managed from the outset.

Testamentary trusts are now commonplace in an estate plan and beneficiaries of high net worth individuals leaving assets behind would most likely benefit from the inclusion of such structures in the will.

Of course, family trusts and superannuation may also be part of the family wealth structure and must also be factored in and properly considered in the estate plan.

Presenting on this ever-important topic for SMEs at the VIC 7th Annual Tax Forum is Nathan Yii, CTA, from Nathan Yii Lawyers. We chatted with Nathan ahead of his presentation.

What will delegates learn from his session?

“Prevention is far better, cheaper and certain than a cure,” he says.

“Modern estate planning involves more than just wills and powers of attorney and involves thinking about taxation issues, asset protection and dispute management.

“Structures including family trusts and superannuation also need to be considered in the estate plan and a Will by itself may not address this.”

Nathan says non-legal advisors (including accountants and financial planners) are usually the ‘go to’ advisors for families. He saysdvisers should encourage their clients to prepare a proper estate planning foundation particularly if they have accumulated a lot of wealth during their lifetime. With a proper estate plan in place, wealth can efficiently transfer to the next generation in a streamlined manner who could also be serviced as clients in the future.

Are there any blind spots in this area?

“Ignoring taxation issues in the estate plan (often at one’s peril),” he points out.

“Thinking existing structures such as family trusts, private companies and superannuation are automatically dealt with under one’s Will. “Ignoring potential risks of beneficiaries including financial difficulty, family law risk or health issues.”

Joining The Tax Institute as a Fellow in 2016, Nathan undertook the Chartered Tax Adviser program in 2017 where he was awarded The Tax Institute’s National Dux Award for CTA3 Advisory and the prestigious Justice Graham Hill Scholarship.

He was later appointed as a board member of the Education Quality Assurance Board for The Tax Institute’s higher education courses and CTA program.

Nathan is a Client Services Lawyer, Chartered Tax Advisor and an accredited SMSF Specialist AdvisorTM, with his main areas of practice being estate and succession planning, trusts and estates litigation, superannuation compliance, structuring and taxation. He consults both law and non-law professionals with clients including high net worth individuals and family offices. Nathan was alsoecognised in Doyle’s Guide as a leading Wills, Estates & Succession Planning Lawyer in Victoria, Nathan is an assistant lecturer at the College of Law.

Join Nathan at the VIC 7th Annual Tax Forum to hear his insightful session on Estate Planning.

The conference runs from 17-18 October, 2019 at Crown Promenade. With a range of outstanding speakers, this is an event not to be missed!


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