PP Atkins Accountants | SMSF Consultants  p 02 8536 4455  | PP Atkins & Co  p 02 9525 8788
The Stables Accountants | SMSF Consultants  p 02 8536 4455  | PP Atkins & Co  p 02 9525 8788
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Accountants in Sutherland Shire | Sydney NSW  | PP Atkins & Co  p 02 9525 8788
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Super Estate Planning Presentation

Luke Atkins

Our SMSF expert, Luke was recently asked to present at a local seminar on Super Estate Planning and what to be aware of regarding SMSF’s. It was an excellent night and Luke received tremendous feedback.




It can be surprising what things you need to consider and what options are available. Below is a summary of Luke’s presentation.

Summary
In summary, the people who can receive your super on death is limited to your spouse (or de facto), your children or your legal personal representative. On receipt, there may be an element of tax to pay, however this is dependent on a number of factors relating to your personal circumstances. When dealing with how your super is distributed on your death, there are a number of options:

  • No nomination – the fund trustee has full discretion as to who your super is distributed to and how it is distributed
  • Non-binding nomination – you provide the fund trustee a ‘letter of wishes’ however they are not obliged to follow this – remember Kats v Grossman
  • Binding nomination – you provide the fund trustee clear instructions as to how you would like your super distributed to and how it is distributed. You can also nominate who you would like as your replacement trustee / director. If Mr. Katz had completed a binding nomination, Daniel could have taken legal action against Linda
  • Reversionary pension – the pension will revert to your nominated beneficiary, normally your spouse, automatically on your death as if you were still alive. Specific terms and conditions can be added to the pension however this has to be completed when the pension is first established

And remember, procrastination is unfortunately not just the thief of time but also the robber of family wealth when the unexpected arrives for the unprepared!

If you would like to discuss your situation, please give Luke a call on 8536 4444.




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