Death, Control and Cashing Out – an SMSF Power Pair of recorded webinars

This Power Pair comprises 2 popular superannuation webinars from the last six months.

Webinar 1: Death or Incapacity of an SMSF Member: Who Jumps into the Driver's Seat?

All members of an SMSF must be individual trustees or directors of the corporate trustee. So, what is the situation when a member dies or loses capacity? This session explores the requirements and various scenarios, including:

• What if an incapacitated member doesn’t have an enduring power of attorney (EPOA) or a deceased member doesn’t have a will?
• The six month rule and whether the period between date of death and granting of probate can cause issues with replacing the trustee
• Can an individual wear “two hats” – one as trustee/director in their own right and one as a trustee/director under an EPOA or as executor?
• When appointing a replacement:
  • what control do shareholders of an SMSF corporate trustee have over appointing a replacement director?
  • can the instructions in the fund’s deed take precedence over section 17A(3) SIS Act 1993?
• Does an EPOA have the same authority as the represented member ie.
  • requesting withdrawals?
  • preparing a binding death benefit nomination (re Narumon [2019] 2 Qd R 247)?
  • winding up the fund?
• Does an EPOA have to be replaced as trustee or director on the death of the represented member?
• Consequences of not satisfying trustee requirements on death or incapacity of a member
• Checklist of steps to take in the event of a member’s death or incapacity to satisfy trustee requirements

Webinar 2: Estate Planning Strategies for Super Death Benefits

There are a number of tools in the estate planners kit that can prove very useful when it comes to planning for the death of an SMSF member. Whilst there is no one-size-fits-all approach, this session explores the various planning techniques available, including:

• Is putting a binding death benefit nomination in place a “no brainer”?
• The pros and cons of death benefits being paid directly to a beneficiary versus directly to the deceased’s estate, including:
  • how tax applies to a death benefit based on the methods of payment available and a beneficiary’s dependant status
  • using tax equalization clauses for beneficiary after tax deceased estate proceeds that include a death benefit
  • the tax impact life insurance proceeds can have when received in an SMSF
• Managing deathbed death benefit withdrawals
• Strategies for passing control of an SMSF on death, where the member is:
  • an individual trustee
  • a director and shareholder of a trustee company where the shares form part of the deceased’s estate
• Managing commercial property as an SMSF asset being used in the family business
• The interaction of estate planning strategies with the proposed Division 296 tax
• Case study

SPECIAL PURCHASE OFFER – EOFY SALE

This pair of recorded webinars would usually cost $539, but as part of our EOFY Sale Offer you can buy the pair for only $330 if you order by 30.6.25.