Podcasts about testamentary trusts

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Play Episode Listen Later Apr 11, 2023 4:31

No testamentary trusts for minor children. If you have questions about this or anything else related to probate, and you want to talk with us, over the phone, for free, just go to https://cmslawfirm.com and set up a time to chat. #estateplanningattorney #probatelawyer #family #money #medicaid #estatetaxes #wealth #kids #taxes #realestate

Intro To Trusts: The Most Common One's To Use, Testamentary Trusts, Revocable + Irrevocable Living Trusts, & More With Jenny Rozelle

The Long Game

Play Episode Listen Later Apr 7, 2023 49:03

In this episode with estate planning attorney Jenny Rozelle we talk: - what estate planning is - the most common types of trusts - why each are use, the good, the bad, etc

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The Medicare Answer Guy - Jim Robeson

The Word on Wealth with The Retirement Professor Marty Schneider

Play Episode Listen Later Nov 7, 2022 55:36

We are in the AEP - Annual Enrollment Period - New plans are available that give you flexibility to go to specialists. Also, why we do not use Testamentary Trusts in California. Support the show: https://www.gqlaw.com/See omnystudio.com/listener for privacy information.

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Can a testamentary trust avoid a Surrogates Court guardianship proceeding?

Everyday Elder Law with Frank Bruno Jr., Esq.

Play Episode Listen Later Oct 25, 2022 3:16

Here is Frank Bruno's daily dose of elder law. Elder Law attorneys help their clients facing incapacity, paying for long-term care, or settling an estate. Find us on the web! For more information visits my website at https://www.frankbrunolaw.com Schedule a free telephone consultation on our Website at https://frankbrunolaw.apptoto.com// Say Hi on Social: Visit my Instagram page at https://www.instagram.com/frankbrunoesq/?hl=en Visit my Facebook page at https://www.facebook.com/LawOfficeofFrankBrunoJr/ Visit my Linkedin page at https://www.linkedin.com/in/frank-bruno-2aa14799/ Visit my Twitter page at https://twitter.com/_frankbrunolaw Website: https://www.frankbrunolaw.com What we do at our offices: Wills, Trusts, Estates, Powers of Attorney, Nursing Home Medicaid, Long Term Care Planning, Guardianship, Real Property transfers & Probate Frank Bruno, Jr. is an Elder Law and Special Needs lawyer with years of experience handling these types of cases. He is extremely active in the Queens, New York Community, the Queens County Bar Association, and New York State Bar Association and is frequently invited to speak at events about Elder Law. If you'd like to learn more about Elder Law, Medicaid planning, Guardianship, Special Needs Trusts, or Probate law contact the Law Office of Frank Bruno, Jr. today at 718-418-5000. Thank you for listening! Eldercare law is really an umbrella term encompassing multiple areas of law. Some elder care attorneys handle subjects that most people know something about, such as probate, guardianship, estate planning. Other eldercare lawyers focus their practice on other areas of law such as special needs planning, VA benefits planning, and Medicaid planning. So, what is Medicaid planning? Medicaid planning is a way to protect people's assets from the threat of long-term care expenses. Many clients are between 65 and 95, own their own homes, and have between $25,000 and $750,000 worth of assets in addition to the house. What many people don't realize is exactly how expensive long term care expenses can be – In 2020 the average costs of a skilled nursing facility, in New York is $14,250.00 per month. Someone can be solidly middle class or upper-middle class, have saved their whole life, and think that they'll have plenty of money for whatever happens only to suffer a stroke, major heart attack or get an Alzheimer's or Parkinson's diagnosis and need help with their activities of daily living. If they have this six-figure per year care expense, many people spend everything. Medicare does not pay skilled nursing home expenses after 100 days. An elder care attorney, who handles Medicaid planning, is able to legally and ethically protect people's assets to get them qualified for Medicaid. Medicaid, unlike Medicare, has excellent long-term care benefits. This helps them supplement their lifestyle with their own assets (to improve the quality of their life while alive) and make it more likely that they will have something to pass onto their heirs after they pass away. There are many myths and much misinformation surrounding long-term care Medicaid in New York. To learn more please visit... https://www.frankbrunolaw.com

#70 - Helpful Hacks

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Play Episode Listen Later Aug 4, 2022 45:36

Many observers are predicting that the changes to the professional services industries over the next 3 years will be unprecedented. A ‘perfect storm' across issues such as digital disruption, de-leveraging and new entrants mean that the only certainty will be change. The key question for every professional is – what do we do? Based on View's journey, unbundling a range of the most helpful hacks we have leveraged is arguably the best place to start. This webinar uses case study examples and insights from the leading thinkers to explore how professional service providers can maximise both effectiveness and efficiency in areas such as: Risk minimisation Productivity Knowledge management Marketing and Sales For access to more webinars and resources join one (or all) of the View Communities. Reminder to View Community members – join us in the FaceBook group for a deeper conversation about this topic and how you can leverage your learnings for your customers. Not a member? Learn about View's online mastermind communities below to see which one (or three) suits the needs of you and your business. Techniview: For advisers working in holistic estate planning (including trusts, asset protection, superannuation, tax and business succession) Adviewser: For advisers wanting to facilitate legal solutions for their customers in holistic Estate Planning Viewruption: For professional service providers wanting to iterate their business model (including abandoning timesheets) Related articles and resources: PODCAST: #51 – Testamentary Trusts – the latest tips and traps https://viewlegal.com.au/podcast/51-testamentary-trusts-the-latest-tips-and-traps/ PODCAST: #52 – Lost trust deeds – some solutions https://viewlegal.com.au/podcast/50-lost-trust-deeds-some-solutions/ Listen to View's previous episodes here.

Should you plan to give or receive an inheritance?

Investopoly

Play Episode Listen Later May 17, 2022 15:20

A lot has been written about the good fortune of baby-boomers in that, overall, they have enjoyed a long period of economic, share market and property market prosperity. Whilst they haven't enjoyed the full benefit of compulsory super (which only began in 1992), other assets such as property has certainly compensated for that.This means an inheritance tsunami will hit the next generation over the next two decades. Baby Boomers are expected to bequeath $224 billion each year in inheritance by 2050, representing a fourfold increase in the value of inheritances over the next 30 years. This creates a huge financial planning opportunity for many families.At the same time, it invites you to think about the value of assets that you plan to leave your beneficiaries.(A) Planning to receive an inheritanceThere are many factors that you must consider if there's a chance that you may receive an inheritance.Do not rely on it, but certainly plan for itThe size of any potential inheritance and your family's circumstances will typically determine whether it's prudent to rely on receiving an inheritance when developing your personal financial plan.Whilst you might expect to receive an inheritance, we all know that circumstances can quickly change. For example, the expected benefactors (often parents) might end up spending all their money or losing it (poor investments) or changing their mind and leaving it all to charity. Anything can happen.You also must consider your family's circumstances. If there's a risk of conflict (between potential beneficiaries) then it's possible you may not receive what you expect or you may be involved in a long legal battle. Any experienced estate lawyer will tell you how often money issues upset and ruin otherwise well-functioning and happy families. Money and family rarely mix well.How can you factor it into your plans?If you are confident that you will receive an inheritance and that you are unlikely to experience any family conflict, then you may take this into account in your own financial plan. For example, you might be comfortable borrowing additional monies to invest on the assumption that the inherence will assist you in repaying or reducing this debt when you retire. Or perhaps you might prioritise your lifestyle expenditure now (and invest less).I must say that I am often reluctant to include inheritance when developing a financial plan for my clients, because it is just so uncertain – anything can change. If possible, I prefer to develop a strategy that does not consider inheritance and treat it as “icing on the cake” if its ever received.Receive it tax-effectivelyTypically, I prefer my clients to receive all inheritance via a testamentary trust. For this to be an option, a testamentary trust must be included in the benefactor's will. A testamentary trust offers a few advantages.Firstly, it can distribute to minors (your children or grandchildren that are less than 18 years old) and the income or capital gains are taxed at adult tax rates, which means each child can effectively receive circa $20,000 p.a. without paying any tax. This can be a great tax planning tool.Secondly, as it's a discretionary trust, it provides a lot of flexibility as to how income and capital gains are to be distributed which means it's a good gift-making vehicle.And finally, it provides a level of asset protection for the recipients.If you expect to receive an inheritance you need to check with the benefactor whether their will includes a testamentary trust. This can be a delicate conversation and one that is not always possible to have. Sometimes referring them to a good estate planning lawyer can be a good way to indirectly deal with this issue.Record keeping can create nightmares – try to get in front of this issue if you canIt is not uncommon for a client to receive an inheritance from a family member that has owned direct Australian shares for many decades e.g., they purchased CBA or BHP shares when they listed (IPO).If the investor hasn't maintained good records over many decades, it can make it very difficult for my clients to work out the tax cost base for each share holding. It is possible to access share registry information, but it can be time consuming to piece all this information together. Therefore, if you have a family member in this situation, realise that they may struggle to maintain good records as they get older. In this case, it might be advisable to engage their accountant to do this or move their investments onto a wrap platform as it will manage all tax reporting obligations.(B) Planning to leave an inheritanceThis section discusses the matters you may need to consider if you would like to leave some money to your beneficiaries or suspect that you won't spend all your wealth in retirement.Look after yourself firstOften clients tell me that they would like to be in the position to help their children in the future such as helping them buy their first home. This can be one of their main motivations for building their personal wealth.The challenge with planning for this event is that it is often unclear which child will need what help at what time. Therefore, my advice is to look after themselves first and foremost. That is, take all reasonable steps to maximise their own personal wealth. If they do that and put themselves in a very strong financial position, then there will be lots of opportunities available to them to help their children in the future.Most inheritance is received too late in lifeThe average age that people receive an inheritance is 52. By this age, most people have already bought their first home, managed to get their mortgage under control and are very well established. In one sense, most inherences are received too late in life. Therefore, it makes sense to consider gifting monies to your beneficiary's whist you are still alive.I have always thought that struggling to buy your first home is a rite of passage. It teaches people the value of saving, delayed gratification, cash flow management, the power of compounding growth and so on. If you agree with this, then you'll also agree that it's good to help our kids, but not help them too much – we don't want to make it too easy, or they won't benefit from this important life experience.If you do make gifts whilst you are alive, you should ensure that an offset clause is included in your will. This will allow your executor to take into account the gifts you have already made to even up the distribution of your remaining estate fairly.And of course, it's important to have a well-thought-out financial plan to ensure you aren't giving away too much money, too soon and putting your own retirement at risk.How to avoid family conflictThe risk of family conflict is very difficult to predict. As I said above, family and money rarely mix well. But there are some things you can do to minimise this risk.Firstly, be as open as you can about your plans and wishes. If one party is excluded from your will, or will receive less, its best to be upfront about it with them and share your reasonings.Secondly, it is much better to give money away whilst you are still alive. That way you are in control and can deal with any conflict that may arise. You also will enjoy seeing how your gifts help your beneficiaries.Finally, if the risk of conflict is high, keep assets out of your personal name and therefore out of your estate. There are few options to achieve this such as using a family discretionary trust, owning property in joint names (as ownership automatically passes to the remaining joint tenants upon death) and nominating specific people in your super fund's death benefit nomination form i.e., not your estate or personal legal representative.Of course, if you have financial complexity, it is best that you obtain personalised financial and legal advice.A huge transfer of intergenerational wealthOver the next 20+ years, there is going to be a huge transfer of intergenerational wealth. This will create planning opportunities for those receiving this wealth, as well as opportunities to pass remaining wealth onto future generations. Professional management will minimise risk and ensure wealth is maximised.

Wills and Estate Planning – Part 2. Episode 41

FINANCIALPODCAST.CA: INTERVIEWING PROFESSIONALS

Play Episode Listen Later Apr 12, 2022

1) Role of Executor. 2) Selection of Executor. 3) Compensation of Executor. 4) Protection of Executor. 5) Testamentary Trusts. 6) Guardians. 7) Investment Powers of Trustee. Guest: Jonathan Ng. Jonathan practices at Underwood Gilholme Estate Lawyers, a group that works exclusively in estate matters. He assists clients in the preparation of wills, enduring powers of attorney, personal directives, and trusts. He also advises executors and attorneys on the administration of estates. Jonathan is experienced in Court applications for grants of probate and administration, and has appeared before the Court on the validation of non-compliant wills and family maintenance and support. Over the past several years, Jonathan has provided seminars at the Kerby Centre, the Canadian Association of Gift Planners, and various financial institutions. He has appeared on CBC Radio to discuss the importance of having a Will and other estate topics. Jonathan is a member of the Canadian Bar Association South Alberta Wills and Trusts Section and the Estate Planning Council of Calgary. Contact: Underwood Gilholme Estate Lawyers Phone (403) 288-8855 Email jonathan.ng@willsandestates.ca

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#296 Do I need a testamentary trust?

The Word on Wealth with The Retirement Professor Marty Schneider

Play Episode Listen Later Feb 15, 2022 4:53

Do I need a testamentary trust? -- I love comments. I make these videos specifically to help people with no expectations. Please take a second and say ‘Hi' in the comments and let me and know what you thought of the video… and p.s. It would mean the world to me if you hit the subscribe button.

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Holographic Wills. Statutory Wills. Testamentary Trusts. Living Trusts

Play Episode Listen Later Jan 12, 2022 45:42

Gary and Edgar of GQ Law explain what type of California Wills exist, how a Corporation or LLC can give your estate plan super powers, and the basics of Power of Attorney and Conservatorships. Support the show: https://www.gqlaw.com/ See omnystudio.com/listener for privacy information.

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#287 How to Fund a Testamentary Trust

A Bite from The Money Sandwich podcast

Play Episode Listen Later Dec 22, 2021 5:56

How to Fund a Testamentary Trust -- I love comments. I make these videos specifically to help people with no expectations. Please take a second and say ‘Hi' in the comments and let me and know what you thought of the video… and p.s. It would mean the world to me if you hit the subscribe button.

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#10 Estate Planning - Planning for the Future

Play Episode Listen Later Nov 24, 2021 39:50

Any good life or financial plan has a safety net, as who knows what's around the corner! Estate planning is planning for the unknown and is more than just organising your Will. We want to make sure we don't leave any unnecessary legal and tax trouble for our loved ones. Today Marc talks with Katrina Brown, the Practice Director of Nautilus Law Group, who has been specialising in estate planning law for over 20 years. Katrina talks about estate planning in easy to understand language without the complex legal jargon, and especially listen out for why we should all know about Testamentary Trusts. By the end you will know what's important and what decisions you need to consider today, so you can enjoy a stress-free estate tomorrow, with lots of practical tips and help along the way. Nautilus Law Group https://nautiluslaw.com.au/ STEP Australia https://stepaustralia.com/ The Money Sandwich https://themoneysandwich.com/

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Thanksgiving testamentary trust.

Everyday Elder Law with Frank Bruno Jr., Esq.

Play Episode Listen Later Oct 26, 2021 2:10

Malcolm McColm - Nothing sabotages an estate plan like the absence of a clear will

It's More Than Money

Play Episode Listen Later Sep 17, 2021 52:46

This week on ‘It's More Than Money' Kye talks with Malcolm McColm, a Specialist Legal Adviser in Estate Planning. This is the first episode in a special business podcast series. To get started, we clarify the key components of an estate plan and why an Estate Plan is important for you We explain the role of a Will, Testamentary Trust for Children, Power of Attorney and Guardianship providing the framework for your estate. These documents help you to safeguard your assets and protect your family. Malcolm talks about binding nominations within super and one of the most important misconceptions about money in super on death, that super is part of your Estate. We highlight who can have super left to them and who cant and what happens if you nominate someone to receive your super benefits who cant be nominated because this can cause big complications Then, there's the Tax considerations An incredibly important topic and definitely worth the listen to get you thinking about your Estate Plan and what's involved for your loved ones

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#61 - What trust is for when: inter vivos; testamentary and post death trusts explored

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Play Episode Listen Later Aug 30, 2021 44:52

In this podcast, the View Legal team explore the following topic ‘What trust is for when: inter vivos; testamentary and post death trusts explored ' which was held on 26 August 2021. In many estate planning exercises arguably the most strategic question to ask is what type of discretionary trust should be implemented. With the aid of hindsight, the choice made is often one that was not in fact adequately tolerance tested when it should have been. This webinar explores the key issues with the main alternatives for trust structures in estate planning, including: unbundling the key features of inter vivos trusts, pre-death testamentary trusts and post-death testamentary trusts worked examples of each structure exploring restructuring options when the 'wrong' trust is chosen analysing the key tax consequences of each approach numerous case study examples For access to more webinars and resources join one (or all) of the View Communities. Reminder to View Community members – join us in the FaceBook group for a deeper conversation about this topic and how you can leverage your learnings for your customers. Not a member? Learn about View's online mastermind communities below to see which one (or three) suits the needs of you and your business. Techniview - For advisers working in holistic estate planning (including trusts, asset protection, superannuation, tax and business succession) Adviewser - For advisers wanting to facilitate legal solutions for their clients in holistic Estate Planning Viewruption - For professional service providers wanting to iterate their business model (including abandoning timesheets) Some of the resources that View Legal has on offer that may be of assistance include: View apps Weekly View blog Published View books Related articles and resources: PODCAST #14 – Testamentary Trusts Bespoke Planning Opportunities PODCAST #28 – Adviser facilitated Estate planning – Everything you need to know to deliver exceptional value PODCAST #51 – Testamentary Trusts – the latest tips and traps Listen to View's previous episode here.

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Wills, trusts and estates: Trusts: Life insurance trust + Testamentary trust + Spendthrift trust

Law School

Play Episode Listen Later May 21, 2021 18:18

A life insurance trust is an irrevocable, non-amendable trust which is both the owner and beneficiary of one or more life insurance policies. Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries. If the trust owns insurance on the life of a married person, the non-insured spouse and children are often beneficiaries of the insurance trust. If the trust owns "second to die" or survivorship insurance which only pays when both spouses are deceased, only the children would be beneficiaries of the insurance trust. In the United States, proper ownership of life insurance is important if the insurance proceeds are to escape federal estate taxation. If the policy is owned by the insured, the proceeds will be subject to estate tax. (This assumes that the aggregate value of the estate plus the life insurance is large enough to be subject to estate taxes.) To avoid estate taxation, some insured name a child, spouse or other beneficiary as the owner of the policy. There are drawbacks to having insurance proceeds paid outright to a child, spouse, or other beneficiary. A testamentary trust (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in his or her will. A will may contain more than one testamentary trust, and may address all or any portion of the estate. Testamentary trusts are distinguished from inter vivos trusts, which are created during the settlor's lifetime. There are four parties involved in a testamentary trust: the person who specifies that the trust be created, usually as a part of his or her will, but it may be set up in abeyance during the person's lifetime. This person may be called the grantor or trustor, but is usually referred to as the settlor; the trustee, whose duty is to carry out the terms of the will. He or she may be named in the will, or may be appointed by the probate court that handles the will; A spendthrift trust is a trust that is created for the benefit of a person (often unable to control his/her spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary. Creditors of the beneficiary generally cannot reach the funds in the trust, and the funds are not actually under the control of the beneficiary. The creator of a trust is often called the "trustor", "grantor", or "settlor" of the trust. A trust generally will not be treated as a spendthrift trust unless the trust agreement contains language showing that the creator intended the trust to qualify as spendthrift. This is what is known as a spendthrift clause or spendthrift provision. A spendthrift provision creates an irrevocable trust preventing creditors from attaching the interest of the beneficiary in the trust before that interest (cash or property) is actually distributed to him or her. Most well-drafted irrevocable trusts contain spendthrift provisions even though the beneficiaries are not known to be spendthrifts. This is because such a provision protects the trust and the beneficiary in the event a beneficiary is sued and a judgment creditor attempts to attach the beneficiary's interest in the trust. The protection of the spendthrift trust extends solely to the property that is in the trust. Once the property has been distributed to the beneficiary that property can be reached by a creditor, except to the extent the distributed property is used to support the beneficiary. If a trust calls for a distribution to the beneficiary, but the beneficiary refuses such distribution and elects to retain property in the trust, the spendthrift protection of the trust ceases with respect to that distribution and the beneficiary's creditors can now reach trust assets. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support

Testamentary Trusts

Elder Law Report

Play Episode Listen Later Mar 30, 2021 4:56

Testamentary Trusts: These can be a straightforward way to utilize your will to create trusts for your property lasting well into the future. Schedule your FREE consult today: 704-749-9244, or schedule online at: mcelderlaw.com.

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278 | Testamentary Trust Questions

brisbane testamentary trusts

Play Episode Listen Later Feb 7, 2021 23:02

In this episode Paul Mackenroth of Cleary Hoare in Brisbane goes through ten of your testamentary trust questions.

278 | Testamentary Trust Questions

brisbane testamentary trusts

Play Episode Listen Later Feb 7, 2021 23:02

In this episode Paul Mackenroth of Cleary Hoare in Brisbane goes through ten of your testamentary trust questions.

UPDATE 25 | Testamentary Trust Law Change

brisbane trust law testamentary trusts

Play Episode Listen Later Dec 14, 2020 24:29

There has been a significant testamentary trust law change affecting how distributions to minors are taxed. Paul Mackenroth of Cleary Hoare in Brisbane will discuss with you what this exactly means.

UPDATE 25 | Testamentary Trust Law Change

brisbane trust law testamentary trusts

Play Episode Listen Later Dec 14, 2020 24:29

There has been a significant testamentary trust law change affecting how distributions to minors are taxed. Paul Mackenroth of Cleary Hoare in Brisbane will discuss with you what this exactly means.

How do you ensure your will is set up properly?

Investopoly

Play Episode Listen Later Nov 3, 2020 18:13

Most people acknowledge that a will is an important document to create, but we all hope there’s no urgency to prepare it. As such, many people rarely ‘get around’ to it.One of the reasons for this is they don’t know enough about it and how to get started. This blog answers commonly asked questions and matters that should be considered when drafting estate planning documents.Rules are State basedThe laws that govern the administration of wills and intestacy (if you die without a will) is the State’s jurisdiction. This means rules may vary from state to state.Generally, if you die without a will, it is referred to as dying intestate. There are many adverse consequences of this including your assets being distributed in a way that you would not otherwise agree with. In addition, it creates unnecessary work and complexity for surviving family members to arrange probate.Simple circumstances requires a simple willIf your situation is simple, you only need a simple will. Simple means that you do not have significant assets, you do not have any specific beneficiaries or financial dependents. In this situation, typically, a template will should be satisfactory. You can purchase these online for approximately $200. Make sure your will is witnessed correctly.However, the more assets you have (in terms of value), the greater the need for personalised legal advice. Like in many situations, often it’s what you don’t know that could cause problems.Kids complicate mattersIf you have children (or are contemplating having children), you should engage a lawyer to draft your will. Not only do you need to ensure that all financial dependents will be looked after, but you must address guardianship of your children. In the event that you and your spouse1 pass away, who will be the legal guardian of your children? This is an important decision which must be included in your will.I would typically advise people with children to insert a testamentary trust into their will. A testamentary trust is a special discretionary trust that is created upon death. The will maker can permit the executor to transfer the estate assets into the testamentary trust. Testamentary trust’s provide serval advantages including taxation savings (discussed below) and asset protection benefits.Blended families complicate matters furtherA blended family includes situations such as:both spouses have children from a previous relationship; and/orone spouse has children from a previous relationship as well as children with their current spouse.Blended family arrangements can create a myriad of potential risks that must be considered and addressed when drafting estate planning documents. Anyone in this situation must seek personalised legal advice from an experienced estate planning lawyer.Beneficiaries with special needsIf you have beneficiaries or financial dependants with special needs such as a child with a disability, battling addiction, mental health or similar issues, it is very important that you receive personalised legal advice.Ways to minimise the likelihood of family conflictMoney and grief do not mix well. Otherwise healthy family relationships can turn sour when money is involved. But there are some steps you can take to minimise the chance of your family members fighting over your estate.Have difficult conversations You invite conflict if your wishes surprise your beneficiaries. The best thing to do to avoid this is be brave and have (sometimes difficult) conversations so that everyone knows your wishes before you pass away. For example, if you intend to exclude someone that may expect to be a beneficiary, distribute your estate unevenly or leave specific assets to certain people, be as open as you can about this.Use offset clauses in your will If one of your beneficiaries (often children) has received a higher level of financial support or an early inheritance, then offset clauses can equalise entitlements across all beneficiaries, if that is your wish.An offset clause will say something to the effect that any support already received by a beneficiary will reduce their entitlement. It is important to maintain clear records that are readily available to your executors. If possible, making all beneficiaries aware that any financial support you provide whilst you are alive will reduce their entitlement under your will is helpful.Keep assets out of your estate Your will covers the assets in your estate. Typically, that includes any assets owned by you personally. Assets that are not included in your estate include:assets held in a discretionary family trust that you are not presently entitled to;monies held in superannuation; andassets owned jointly with other parties e.g. the family home. When a joint owner passes, ownership automatically passes to any surviving joint owners.Therefore, if you are worried that your will could be challenged or could create family conflict, the best thing to do is minimise assets that are owned by you personally.Make gifts while you are alive Gifting monies or assets whilst you are alive is one way to avoid any potential conflicts. This also provides some practical benefits. Firstly, it’s likely that receiving monies sooner often assists your beneficiaries. Secondly, you will enjoy witnessing the positive outcomes that these gifts create.Superannuation death benefit nominationsSuperannuation monies are not included in your estate. Instead, the trustee of your super fund must decide who to pay your superannuation monies to. As such, most super funds allow members to complete “binding death benefit nominations”. Often these nominations must be updated every 3 years.Your nomination options include your spouse, children, interdependent relationships (i.e. where you provide financial and domestic support) or your estate. In most circumstances, it is advisable to nominate a financial dependant/s (spouse and/or children), as this will ensure the benefit payment will not be taxed.Steps you can take if you expect to receive an inheritanceIf one of my clients is to receive an inheritance, it would be my preference that they receive this in a testamentary trust.The main benefit is that a testamentary trust can distribute income and capital gains to a minor and they are taxed at adult tax rates. This means children and grandchildren under the age of 18 can receive approximately $20,000 p.a. tax free.Therefore, if you expect to be included as a beneficiary under a will, it is in your best interest to ensure the testator (e.g. your parents or family member) has included a testamentary trust in their will. I appreciate that this can sometimes be a difficult subject to discuss with family.Flexible will plus a letter of wishesIt is advantageous that wills provide wide powers so that your executor is able to achieve the outcomes that you desire. For example, if one of my sons becomes addicted to gambling or drugs, I don’t want my executor giving them large sums of money. That is why you don’t want to be too codified in your will.Instead, I prefer to keep my will such that the executor/s has wide powers as well as providing my executor with a letter of wishes. A letter of wishes is a non-binding document that sets out the manner in which you wish your executor to exercise their discretion. It can include any and all information that you feel is relevant. It might address the circumstances when, and when not to, distribute monies and any other matters. You don’t need a lawyer to draft a letter of wishes. You can draft it yourself and update it at any stage.Power of attorneyIt is important that you and your spouse have enduring (1) financial and (2) medical power of attorney’s so that important decisions can be made, and documents executed, in the event that you are not available or able to do so for yourself.Review your will regularlyA will must be prepared to accommodate your current circumstances and wishes. It is not always possible to draft a will that will accommodate all possible circumstances. For example, if you have young children your will might be structured differently than if you had well-established, adult children. Therefore, you need to review your will every 1-2 years to ensure its still current and the executors are still appropriate.Most potential problems can be avoided with good planning and adviceMaking sure that your estate planning documents are set up correctly really doesn’t take a lot of time. Also, it would be unlikely that you would need to make any substantial changes to them more often than every 10 years or so. Often it doesn’t need to be complex. A small amount of time invested in making sure your affairs are in order can save your family members a lot of heartache.

Testamentary trusts and tax issue

FirstTech Podcast

Play Episode Listen Later Sep 30, 2020 37:12

Testamentary trusts are a commonly used estate planning tool. In this podcast, we discuss a range of tax related issues surrounding testamentary trusts including:Tax concessions for minor beneficiariesStreaming trust incomeTaxation of super death benefits See acast.com/privacy for privacy and opt-out information.

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Episode 29: Trusts with Danielle Frye

Wealth, Taxes, and Finances with John Cindia

Play Episode Listen Later Sep 1, 2020 22:41

In Episode 29, John and Dean are joined by Danielle Frye again. She is an an Estate Planning attorney with Krugliak, Wilkins, Griffiths and Doughtery CO., L.P.A. Danielle spends some time explaining the different types of trusts which are estate planning contracts. She explains the ins and outs of each type and what might work best for you.John Cindia can be found at www.lifestagesadvisory.com and this podcast can be found on all major podcast platforms. Additionally, if you have information to share or want to be on the show, please email jcindia@lifestagesadvisory.com

#51 - Testamentary Trusts the latest tips and traps

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Play Episode Listen Later Aug 31, 2020 44:59

In this podcast, the View Legal team explore the following topic ‘Testamentary Trusts – the latest tips and traps’ which was held on 27 August 2020. This podcast is a take out of that session. For access to more webinars and resources join one (or all) of the View Communities. During this extract of the webinar you will learn about: The ongoing evolution of all aspects of estate planning has increasingly seen more creative uses of testamentary trusts. This presentation will explore a range of planning opportunities for testamentary trusts including: tax treatment of each asset class owned via a testamentary trust; the latest updates on the attitude of the Australian Taxation Office towards testamentary trusts and various bespoke strategies; testamentary trust cloning and splitting; international tax planning and testamentary trusts; and testamentary trusts and using South Australian laws to avoid the rule against perpetuities. For access to more webinars and resources join one (or all) of the View Communities.

OVERVIEW: Inter Vivos vs. Testamentary Trusts

Henson Trusts & Disability Estate Planning with Ken Pope

Play Episode Listen Later Aug 27, 2020 2:33

In this overview episode Ken discusses the differences between inter vivos and testamentary trusts.Original Air Date: August 1 2019For more information, contact us at 1-866-536-7673 or visit our website www.kpopelaw.comGet an assessment with us:https://kpopelaw.com/ken-pope-disability-estate-planning-family-evaluation-form/Don't miss out on important updates and webinar invitations. Sign up for our newsletter HERE.

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Testamentary Trusts - The Pros and Cons | Around the Gavel Episode 47

Morris Law Center

Play Episode Listen Later Aug 25, 2020 6:15

Testamentary Trusts - The Pros and Cons | Around the Gavel Episode 47 by Around the Gavel by Morris Law Center

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Beverage with an expert - Shaun Eckert - First Point Legal

The Money Men

Play Episode Listen Later Aug 7, 2020 42:31

In this episode, Steve chats with Shaun Eckert about Wills, Testamentary Trusts, Powers of Attorney and Guardianship. www.firstpointlegal.com www.themoneymen.com.au

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Managing the Benefits and Burdens of an Inheritance Using a Trust – The Benefits of Testamentary Trusts

The Wealth Experience

Play Episode Listen Later Aug 4, 2020 8:55

This podcast is part one of a two-part series. Sylvain Brisebois, Senior Vice-President and National Sales Manager, BMO Private Wealth speaks with Elizabeth Creates, Director of Estate Planning, BMO Wealth Management who shares how a testamentary trust can be beneficial in structuring an inheritance. Disclosures: The comments contained in this podcast are general in nature, provided for information purposes only, and do not constitute legal, investment, trust, estate, accounting or tax advice. They are provided for general guidance, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. Unless otherwise qualified, any opinions, estimates and projections in this report are those of the speakers as of the release date, are subject to change without notice, and may not reflect those of BMO Private Wealth. This podcast may not reflect all available information. BMO Private Wealth is a brand name for a business group consisting of Bank of Montreal and certain of its affiliates in providing private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth. Banking services are offered through Bank of Montreal. Investment management, wealth planning, tax planning, philanthropy planning services are offered through BMO Nesbitt Burns Inc. and BMO Private Investment Counsel Inc. Estate, trust, and custodial services are offered through BMO Trust Company. BMO Private Wealth legal entities do not offer tax advice. BMO Trust Company and BMO Bank of Montreal are Members of CDIC. ® Registered trademark of Bank of Montreal, used under license.

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What is a testamentary trust and why would you use one?

Estate Planning with Guy DiMartino

Play Episode Listen Later May 15, 2020 4:17

What is a testamentary trust and why would you use one? -- I love comments. I make these videos specifically to help people with no expectations. Please take a second and say ‘Hi’ in the comments and let me and know what you thought of the video… and p.s. It would mean the world to me if you hit the subscribe button.

testamentary trusts

3: Developments in Testamentary Trusts and Asset Protection Law - Part 2

Chamberlains Law Firm Lawcast

Play Episode Listen Later May 13, 2020 13:06

In this episode Kody Fletcher is joined by Stipe Vuleta, Managing Director of Chamberlains Law Firm. This is the second episode of a three part series where Stipe discusses developments in testamentary trusts and asset protection law. Presented by Kody Fletcher & produced by Stina Larsson. May 12 2020 at Chamberlains Law Firm, Sydney. As with all Chamberlains Lawcast episodes, the information provided cannot be considered as legal advice, if you have any questions in relation to any information provided please contact our office on 02 6188 3600 or visit our website at www.chamberlains.com.au (https://www.chamberlains.com.au/)

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#143 | Why I don't like testamentary trusts (and what to do about it).

Chamberlains Law Firm Lawcast

Play Episode Listen Later May 11, 2020 4:55

Why I don't like testamentary trusts (and what to do about it). -- I love comments. I make this content specifically to help people, with no expectations. Please take a second and say ‘Hi' in the comments and let me and know what you thought of the video… and p.s., it would mean the world to me if you hit the subscribe button.

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1: Developments in Testamentary Trusts and Asset Protection Law - Part 1

Play Episode Listen Later Apr 27, 2020 11:15

In this episode Kody Fletcher is joined by Stipe Vuleta, Managing Director of Chamberlains Law Firm. This is the first episode of a three part series where Stipe discusses developments in testamentary trusts and asset protection law. Presented by Kody Fletcher & produced by Stina Larsson. April 28 2020 at Chamberlains Law Firm, Sydney. As with all Chamberlains Lawcast episodes, the information provided cannot be considered as legal advice, if you have any questions in relation to any information provided please contact our office on 02 6188 3600 or visit our website at www.chamberlains.com.au (https://www.chamberlains.com.au/)

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#13 Who Gets Your Money When You Die? Wills, Powers of Attorney & Advanced Care Directives with Tim Donlan

Medical Money

Play Episode Listen Later Apr 23, 2020 42:22

Show Notes Wills (2.28)Testamentary Trusts (11:39)Powers Of Attorney (25:43)Advanced Care Directives (32.23)Today’s GuestTim Donlan, LLBContact TimDonlan Lawyerswww.donlanlawyers.comEmailtim@donlanlawyers.comPhone+61 (8) 8344 6422

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What is a Testamentary Trust?

Estate Planning Insights

Play Episode Listen Later Jan 21, 2020 5:31

If you need estate planning or probate help, we should talk. The easiest way to do that is to click the link below and choose a date and time that work for you (over the phone or in-person). Estate Planning – https://estateplanmeeting.com Scott Aubrey is the owner of Aubrey Law.

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What is a testamentary trust?

Estate Planning Insights

Play Episode Listen Later Jan 16, 2020 5:27

What is a testamentary trust?

estate planning testamentary trusts

Testamentary Trusts in Indiana

Estate Planning with Guy DiMartino

Play Episode Listen Later Nov 25, 2019 5:18

A testamentary trust is a trust that is set up in a person’s will. It is one way to protect vulnerable people from themselves. -- I love comments. I make these videos specifically to help people with no expectations. Please take a second and say ‘Hi’ in the comments and let me and know what you thought of the video… and p.s. It would mean the world to me if you hit the subscribe button. :) -- If you want to talk more about estate planning: https://www.michigancityinjurylaw.com/contact-us -- We do estate planning. We do probate. And we do it well. Our firm rests on three core pillars: 1. Family protection 2. Family opportunity 3. A plan that works when it’s needed If you need estate planning or probate help, we should talk. The easiest way to do that is to click the link below and choose a date and time that work for you (over the phone or in person). Guy DiMartino is the owner of Guy DiMartino Law. He created it with one goal - help YOU live a great life and leave a great legacy. You’ll find information here on estate planning, probate, revocable living trusts, irrevocable trusts, life insurance trusts, charitable giving, wills, trusts, power of attorney, medical power of attorney, trustee selection, and everything in between. -- How to find us out there in the world... instagram = https://instagram.com/guydimartino facebook = https://www.facebook.com/guydimartinolawind iTunes = https://podcasts.apple.com/us/podcast/estate-planning-with-guy-dimartino/id1478700781 youtube = https://www.youtube.com/channel/UCPQC0ZtxpmZQX_--zMyTrWw/ linkedin = https://www.linkedin.com/in/guy-dimartino-490a7aaa/

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Why I don't do testamentary trusts..

Play Episode Listen Later Nov 8, 2019 5:20

Why I don't do testamentary trusts. -- I love comments. I make these videos specifically to help people with no expectations. Please take a second and say ‘Hi' in the comments and let me and know what you thought of the video… and p.s. It would mean the world to me if you hit the subscribe button. :) -- If you want to talk more about estate planning: https://estatemeeting.com If you want to talk more about probate: https://probatemeeting.com -- We do estate planning. We do probate. And we do it well. Our firm rests on three core pillars: 1. Family protection 2. Elimination of barriers to entry (we make it easy for you) 3. Estate tax reduction/elimination If you need estate planning or probate help, we should talk. Christopher Small is the owner of CMS Law Firm LLC. He created it with one goal - help YOU live a great life and leave a great legacy. You'll find information here on estate planning, probate, revocable living trusts, irrevocable trusts, life insurance trusts, charitable giving, wills, trusts, power of attorney, medical power of attorney, trustee selection, and everything in between. -- Instagram = https://instagram.com/cmslawfirm Facebook = https://www.facebook.com/cmslawfirm/ Podcast = https://cmslawfirm.com/podcast LinkedIn = https://linkedin.com/in/smallchristopher Website = https://cmslawfirm.com

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Are testamentary trusts a scam?

Play Episode Listen Later Sep 18, 2019 7:01

Are testamentary trusts a scam? . https://estatemeeting.com --------------------------------------- We do estate planning. We do probate. And we do it well. Our firm rests on three core pillars: 1. Family protection 2. Elimination of barriers to entry (we make it easy for you) 3. Estate tax reduction/elimination If you need estate planning or probate help, we should talk. The easiest way to do that is to click the link below and choose a date and time that work for you (over the phone or in person). Estate Planning - https://estatemeeting.com Probate - https://pain-free-probate.com/contact Christopher Small is the owner of CMS Law Firm LLC. He created it with one goal - help YOU live a great life and leave a great legacy. You'll find information here on estate planning, probate, revocable living trusts, irrevocable trusts, life insurance trusts, charitable giving, wills, trusts, power of attorney, medical power of attorney, trustee selection, and everything in between. ----------------------------- How to find me out there in the world... instagram = https://instagram.com/thechristophersmall facebook = https://www.facebook.com/cmslawfirm/ iTunes = https://podcasts.apple.com/us/podcast/estate-planning-daily/id1455795473 youtube = http://www.youtube.com/c/CMSLawFirmLLC linkedin = https://linkedin.com/in/smallchristopher

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Excepted Trust Income Virtual Roadshow

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Play Episode Listen Later Aug 27, 2019 32:01

In this podcast, we are joined by Matthew Burgess, Jade Duncan and Hannah Whippy to discuss Excepted Trust Income As part of our ‘Virtual Roadshow’ series, this webinar will use case studies and provide practical ideas that can be immediately implemented   We discuss the following in relation to: Assets which do and do not form part of Estate; Testamentary Trusts; Testamentary Trusts and DIV 6AA; Taxing Points; CGT Event 3 – Trustee to beneficiaries; 2018 Budget Key Risk Issues; Testamentary Trust to Family Trust distributions Learn from a range of case studies;

#136 Tara Lucke

XY Adviser

Play Episode Listen Later Jun 26, 2019 42:28

Is Estate Planning part of your holistic value proposition as a Financial Advisor? Do you cringe when you think about starting the EP conversation with your clients? Tara Lucke is the Estate Planning expert who believes Advisors are in the best position to help their clients reach peace of mind by protecting the assets and lifestyles they work so hard to acquire. She’s so passionate about helping Advisers use Estate Planning to entrench themselves as their client’s trusted advisor and grow their businesses, she’s created an entire blueprint course called ‘The Art of Estate Planning’ on the XY online training platform (https://co.xyadviser.com/taralucke). Episode highlights: 7:00 – Is Estate Planning for lawyers, Advisors or both? 12:50 – Why aren’t Advisers getting involved in the EP process? 14:27 – Becoming your client’s trusted advisor 21:20 – The four fundamentals of Estate Planning 26:07 – How to subtlety position Estate Planning in client conversations 32:28 – Let’s talk Testamentary Trusts! Show Notes: Tara Lucke LinkedIn - https://www.linkedin.com/in/taralucke/ Tara Lucke website - https://www.taralucke.com.au The Art of Estate Planning Community - https://www.facebook.com/groups/artofestateplanning/ General Disclaimer - https://www.xyadviser.com/disclaimer/ This podcast is brought to you by Virtual Business Partners (https://www.virtualbusinesspartners.com.au), an offshore outsourcing solution designed for Financial Services businesses to improve back office operation, reduce costs and help change how financial advice is delivered in Australia. We’re proud to partner with Virtual Business Partners who is working to create progressive change within the advice industry and help drive the positive evolution of financial advice.

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134 | Testamentary Trust Basics

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Play Episode Listen Later May 28, 2019 26:06

Whether a testamentary trust is a good idea or a waste of your time depends on the size of your estate, your intentions and your beneficiaries.

134 | Testamentary Trust Basics

basics testamentary trusts

Play Episode Listen Later May 27, 2019 26:06

Whether a testamentary trust is a good idea or a waste of your time depends on the size of your estate, your intentions and your beneficiaries.

Testamentary Trusts

Margaret Lomas Property Investor Podcasts

Play Episode Listen Later May 9, 2019 2:42

Margaret talks about Testamentary Trusts.

testamentary trusts

Testamentary Trust: Brotherhood of the Snake

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Play Episode Listen Later Feb 28, 2019 167:11

It's our season 3 finale! Join us as we talk about Testament's most recent album Brotherhood of the Snake (2016), rank their discography, and recommend a few similar bands. New episodes (mostly) every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@satanandrainbows.com

Testamentary Trust: Dark Roots of Earth

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Play Episode Listen Later Feb 21, 2019 121:15

The (almost) classic lineup of Testament takes their time to follow up their comeback album, but IT. WAS. WORTH. IT. This is Dark Roots of Earth (2012). New episodes (mostly) every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@satanandrainbows.com

Testamentary Trust: The Formation of Damnation

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Play Episode Listen Later Feb 14, 2019 173:05

WE'RE BACK!!! We discuss our unplanned hiatus, as well as Testament's between The Gathering and The Formation of Damnation (2000-2008). New episodes (mostly) every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@satanandrainbows.com

#111 Donal Griffin

XY Adviser

Play Episode Listen Later Dec 19, 2018 40:15

Donal Griffin (in/donalgriffin) of Legacy Law (www.legacylaw.com.au) is a specialist lawyer and ‘recovering’ Financial Advisor who is in the business of fighting families. Sorting out family fights that is. With over 25 years’ experience in legal affairs, Donal is proud to be known as the trusted legal advisor to families who are doing interesting things. Donal has also put together a course for the XY online training platform which provides several practical takeaways and examples of how advisers can not only start the estate planning conversation with clients, but own it. You can check out his course here - https://www.xyadviser.com/courses/how-xy-advisers-can-get-into-estate-planning/ Here’s some of what you’ll learn in this episode: 1:42 – Is a binding financial agreement really binding? How does it actually work? 9:00 – What a typical work week looks like for Donal and the situations his client’s get themselves into 10:11 – The ramifications of digital signatures with trust deeds and the effect this has on SMSF’s 17:32 – Estate Planning – should advisors spend time in this area with clients or outsource? 19:07 - Best practices if you don’t want to include Estate Planning in your service offering 20:24 – The lowdown on Testamentary Trusts - the tax benefits and other things to be aware of 40:26 – How Donal successfully partners with Financial Advisors, and the value clients receive XY Adviser Online Training Platform - https://www.xyadviser.com General Disclaimer - https://www.xyadviser.com/disclaimer/ This podcast is proudly supported by Netwealth (www.netwealth.com.au), an ASX listed company ranked #1 for overall platform functionality and user satisfaction by Investment Trends for the past three years. Netwealth understands that the Financial Advice landscape is changing and is providing market leading technology to help you explore new perspectives and realise new efficiencies. Through excellent customer service and expertise, Netwealth are working with XY Advisers to innovate and drive Financial Advice forward.

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Testamentary Trust: The Gathering

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Play Episode Listen Later Nov 29, 2018 142:30

As the 90s come to a close, Testament assembles a killer new lineup and releases an all time classic! Let's check out The Gathering (1999). New episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@satanandrainbows.com

Testamentary Trust: Demonic

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Play Episode Listen Later Nov 15, 2018 124:33

During a then-unprecedented 3 year gap between albums, Testament got dropped by their label, lost more members, and came perilously close to breaking up for good. Instead, they rallied and came back with their most aggressive effort to date. Let's listen to Demonic (1997). New episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@satanandrainbows.com

Testamentary Trust: Low

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Play Episode Listen Later Nov 1, 2018 139:38

We're back! This week we'll do a deep dive on the first TRUE "90s" Testament album, one that finds them experimenting with death, groove, and alternative metal. Oh, and we've got a lineup change. A BIG lineup change. This is Low (1994) New episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@satanandrainbows.com

Testamentary Trust: The Ritual

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Play Episode Listen Later Oct 19, 2018 132:19

To keep up with changing times, Testament release their most commercial effort yet. Does it deserve the hate? Listen to find out. But no it totally doesn't. This is The Ritual (1992). New episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@satanandrainbows.com

Testamentary Trust: Souls Of Black

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Play Episode Listen Later Oct 12, 2018 115:15

Scenario: due to pressing tour obligations, a band rushes into the studio to record some hastily rewritten old demos and sends the resulting album off to the record label without a second thought. Normally this wouldn't be a good sign. But Testament isn't a normal band. This is Souls of Black (1990). New episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod E-mail: Contact@SatanAndRainbows.com

How to structure your will, testamentary trusts, avoid fights and what else to do

Investopoly

Play Episode Listen Later Oct 10, 2018 12:47

The two certainties: death and taxesThere are two unfortunate certainties in life; death and taxes. And, unfortunately, tax cannot be avoided (legitimately) even by dying.Australia is one of the very few countries in the world that has no death taxes. However, although there is no tax levied on the property of a deceased person, there may be tax consequences flowing from the dealings with the deceased assets.This blog outlines some of the key considerations you must address.The deceased estateWhen a person dies, an executor or administrator takes control of their assets. The executor named under the (valid) Will is known as the legal representative. An administrator is appointed by the probate court when a will does not exist.A deceased estate is not a separate legal entity but a relationship between the executor/administrator and the beneficiaries – much like a trust. The deceased estate would comprise of all assets owned by the deceased as at the date of death – except for any assets owned as joint tenants, superannuation and any assets held in a discretionary trust.A Will covers matters such as how the assets should be shared amongst family members and other beneficiaries, trusts to be established subsequent to death, bequests to charities and institutions and funeral instructions.A Will is a legal document and therefore should be drafted by a lawyer preferably one who practices in the area of Wills and Probate and has tax knowledge – or at least a lawyer who would work in conjunction with an accountant who is familiar with the tax treatment of such estates.What if you don’t have a will?If you die intestate, the Supreme Court will decide who will be your administered and who will benefit from your estate. Dying intestate creates a lot more work, cost and stress for the people you leave behind. It also might result in people benefiting from your estate who you don’t want to benefit. Therefore, for the sake of a relatively small cost and to ease some of the stress on your family, it is always best to have a valid and up-to-date will.If you’re a single and have little assets and no special beneficiaries, a cheap will kit will probably sufficive. However, if you have any significant assets or liability, children, a spouse and so on, you really need personalised legal advice.Taxation of assets received from a deceased estateDeath is generally not a trigger point for taxation. Assets owned by the deceased are passed onto beneficiaries without any immediate capital gains tax consequences. When an asset passes to a beneficiary, the beneficiary becomes the owner of the asset and generally inherits the same cost base and tax treatment of the deceased.For example, if you were to inherit the main residence of the deceased, you would be eligible for the main residence CGT exemption, if the property is sold within 2 years. If you were to inherit an investment property held by the deceased, and sell it at a later stage, your cost base would be the purchase price (plus costs) initially paid by the deceased person.Controlling assets from the graveOften people wish to regulate the time/age their beneficiaries obtain control of the estate. For example, it is best to avoid a situation where a beneficiary inherits a substantial amount of money when they are not mature enough to make prudent financial decisions, may be under the influence of an addiction (such as gambling or drugs) or at risk of a relationship breakdown. The best way to accommodate these risks is to provide your executor with clear instructions and enough flexibility to execute those instructions effectively.Typically, the best vehicle to facilitate this is a Testamentary Trust. A testamentary trust (usually a type of a discretionary trust), is a trust established under the terms of a Will. In this situation, some or all of the assets from the deceased estate are transferred into the Trust, and the trustee can distribute income and/or capital to any named beneficiaries. The definition of a beneficiary can be as wide as you would like to make it. You may permit the executor to establish a different testamentary trust for each beneficiary.There are three main benefits of including a testamentary trust in your will:Asset protectionYour will can dictate that all your assets be transferred into a testamentary trust. This will protect your estate and any “at-risk” beneficiaries. An at-risk beneficiary is someone that has a high risk of a relationship/marital breakdown or has certain self-employed or occupational risks (see this recent blog about asset protection).Tax savingsUnlike other trusts, distributions to minors (people under the age of 18) from Testamentary Trusts are not subject to the special minors’ tax rates – meaning each minor has access to the tax-free threshold which is currently $18,200. This is advantageous if you have any children or grandchildren that are under 18 years if age. Essentially, the executor can spread the estates income across multiple minors and possible avoid paying any tax. This should also assist with minimising any future capital gains tax.Practical benefitsQuite often beneficiaries will be at different stages from a financial strength perspective. Therefore, it is possible that one beneficiary wants to liquidate assets whereas another may want to retain assets. This can be difficult when assets will have different values e.g. property. A testamentary provides a good solution. It allows the executor to sell some assets and retain the rest in a tax effective environment.How to minimise the risk of your will being contestedVirtually anyone can contest your will and the estate (your money) must pay for the contester’s legal costs. However, there are a few things that you can do to minimise this risk.Firstly, be as transparent as possible with everyone that expects or doesn’t expect to benefit from your estate. If you are going to purposely give less or exclude someone, have that (sometimes difficult) conversation whilst you are alive.Secondly, move existing or acquire future assets in entities like family trusts or own assets jointly (not tenants-in-common) with others. This minimises the pool of assets that ends up in your estate. So, if you have no or very few assets, there’s little to fight over.Finally, make sure your will is up-to-date. It is best to review it annually to ensure the way it is structured is still correct, executors are still appropriate and so on. It’s unlikely you will need to redo your wills often but its important to consider them periodically.Power of attorneysA power of attorney is a document that permits someone (called your attorney) to make decisions for you and those decisions will have the same legal force as if you had made them. Practically, this is most useful in situations where you travel and are unable to sign documents and/or for individuals where their capacity is impaired due to age or illness.Normally it is advisable to have a separate medical power of attorney. This document sets out the people that can make decisions about your medical treatment on your behalf.Super death benefit nominationSuperannuation does not form part of your estate. Instead, the trustee of a super fund must decide where to pay your super. However, most super funds allow you to complete a binding or non-binding death benefit nomination which directs where your super is to be paid. These must be updated every 3 years. Typically, it is advisable to nominate a financial dependent (such as your children and/or spouse) to avoid the benefit being taxed.Estate planning is crucialThe last thing you want to happen is that you work hard throughout your whole career, invest successfully and then lose a large amount of your wealth you intended for your beneficiaries to unexpected tax bills, unintended beneficiaries or avoidable legal fees and costs.There are many factors that need to be considered in your estate planning process, from tax, asset pool distribution, wills, cash flow distributions and investment strategy. By having a well-rounded network of trusted and independent advisors, you will avoid the unnecessary complexity of estate planning whilst ensuring the intent for your wealth is seen through, well after your death. If you need help don’t hesitate to reach out to us.

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Testamentary Trust: Practice What You Preach

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Play Episode Listen Later Oct 5, 2018 91:29

The production improves and the music gets more melodic. Is that a good thing or a bad thing? Well...yes. Join us as we investigate Testament's first attempt to go mainstream with Practice What You Preach (1989). New Episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@SatanAndRainbows.com

Testamentary Trust: The New Order

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Play Episode Listen Later Sep 28, 2018 108:35

The story behind Testament's second LP proves that sometimes record label interference can be a good thing! It's time to dive into a complicated, creepy, and often eerily perceptive...concept album?? This is The New Order (1988). New episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@SatanAndRainbows.com

Testamentary Trust: The Legacy

testament testamentary trusts

Play Episode Listen Later Sep 21, 2018 96:55

Season 3 is here and we're talkin' metal again! Our band this time around is the super-underrated Testament! Join us as we talk about the origins of thrash metal and listen to Testament's surprisingly complex and mature debut album The Legacy (1987). New episodes every Friday! Facebook: @satanandrainbows Twitter: @SatanRainbowPod Email: Contact@SatanAndRainbows.com

Everything you need to know about trusts – conversation with a tax professional

FINANCIALPODCAST.CA: INTERVIEWING PROFESSIONALS

Play Episode Listen Later Apr 23, 2018 40:09

-What is a trust? -How is a trust established? -Can you give me some examples of trusts -How is a trust taxed? -How similar is it to a corporation? -What is a family trust? -Why would you use a family trust? -How do you set up a family trust? -How is it taxed? -What are the disadvantages of a family trust? About George E. Craven, B.A.(Hons) LL.B. M.Tax. George has been practicing as a sole tax practitioner in Calgary (Monarch Tax Law) since 2007. His practice focuses on small business corporations including corporate reorganizations, corporate succession planning, tax efficient structuring and inter-vivos family trust planning. George got his Master of Taxation degree in 2001 and worked at McCarthy Tétrault LLP till 2007 In 2014 George worked as an Adjunct Professor at University of Calgary and University of Lethbridge George is married and has 6 children, five boys and a girl George’s interests are steam locomotives, playing the Tuba and watching English soccer with a passion only English people can understand! George's site is www.monarchtaxlaw.com and his phone number is (403) 265-7066

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Estate planning and asset protection with an estate lawyer

FINANCIALPODCAST.CA: INTERVIEWING PROFESSIONALS

Play Episode Listen Later Apr 7, 2018 19:58

-Why do people add their (adult) kids to their homes and bank accounts? -Why are cabins such a problem in estates? -My spouse gets everything when I die, right? -What happens with assets with the second marriage? -What do business owners need to consider? Lynne Butler, BA LLB TEP -Work Lynne was first called to the Alberta Bar in 1986. She moved home to Newfoundland and Labrador in 2012 and was called to the bar here. Lynne have always worked in wills, probate, trusts, powers of attorney, estate litigation, and elder law. -Activities Lynne is the chairperson of the Wills and Estates section of the Newfoundland Bar Admission Course. I am a Course Facilitator (online teacher) for the Legal Writing, Legal Research and Legal Drafting sections of the Alberta Bar Admission Course. She is the editor of MC², the national magazine of Mensa Canada. She is the former host of “The Law Show”, a weekly radio program on VOCM Radio. Lynne has been interviewed about estate-related matters by CPAC, BNN, CityTV, Global TV, CBC Radio, VOCM Radio, the Wall Street Journal, the Globe and Mail, the Edmonton Journal, the Vancouver Province, the Toronto Star, the Montreal Gazette, Maclean’s Magazine, Today’s Parent Magazine, Succession Planning Magazine, Canadian Lawyer Magazine, Cottage Magazine, Advisor’s Edge Magazine, Momstown Magazine, Caregiver Solutions Magazine, and numerous websites. -Writing Lynne is the author of 9 books about estate planning, with the 10th being published in the fall of 2018, and one book about legal history. -Contact Lynne Butler 709-221-5511 www.butlerwillsandestates.com

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The Differences Between Testamentary Trusts and Inter Vivos (Living) Trusts

Estate Planning with Paul Rabalais

Play Episode Listen Later Apr 6, 2018 10:10

This post should help you understand the difference between a testamentary trust and an inter vivos trust. All trusts are either testamentary or inter vivos. Inter vivos trusts are also called "Living Trusts." The best way to describe the difference is to put them in context of a real-life situation. Let's say Jack is engaged in his estate planning. He is married to Jill and he has two children. He wants to leave his estate in a way so that Jill is taken care of, but after Jill dies, he wants his estate to go to his two children. Jack goes to an attorney and the attorney prepares a Will with Testamentary Trust. The terms of the trust are a part of Jack's last will and testament. Jack's will says that when Jack dies, Jack's estate will go to the "Jack Testamentary Trust." After Jack dies, Jill and Jack's kids assume that no probate is necessary because "Jack had a trust." However, their assumption is incorrect. There will always be a probate (or in Louisiana called a "Succession") when someone leaves their assets or estate to a testamentary trust. When Jack dies with a testamentary trust, his assets that are in his name when he dies will be frozen, and the courts must oversee the management and ultimate transfer of the assets to the trust. Now, instead, let's say that, instead of Jack creating a testamentary trust, he creates the stand-alone "Jack Inter Vivos Trust" or the "Jack Living Trust," If Jack transfers his asset to the Jack Living Trust during his lifetime, no Succession or Probate will be necessary when Jack dies because the assets will already be in the trust and there will be no assets in Jack's name that would be frozen and subject to the court-supervised transfer process. This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship. Paul Rabalais Louisiana Estate Planning Attorney www.RabalaisEstatePlanning.com Phone: (225) 329-2450

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Tara Lucke - the importance of estate planning for those in their 20's, 30's, and 40's - Episode 34

Financial Autonomy

Play Episode Listen Later Feb 27, 2018 32:10

Today we chat with Co-founder and consultant with Tara Lucke from View Legal about the importance of Estate planning. Though it is not something we like to talk about, it is so important for protecting your assets and loved ones, no matter what stage of life you are at. In this interview we cover: Making sure your hard earned money goes to the right place with a good estate plan What happens to your money if you don't have an estate plan Why you need consider having a Power of Attorney no matter what your age Why you may have more assets than you think How to avoid lawyers taking advantage of your estate The two important factors to consider in your estate planning once you have children Case studies of poor estate planning situations The problem of the "I love you" wills Why you need to consider Testamentary Trusts as part of your estate planning for asset protection and tax benefits The different roles of the Power of Attorney Conversations you need to have with family members Considerations for estate planning for Small Business owners Links mentioned in the show Tara - LinkedIn Tara - Instagram

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Taxation of testamentary trusts

CPA Australia Podcast

Play Episode Listen Later Apr 8, 2016 20:53

Ian Raspin, Director, BNR Partners outlines some of the key contentious issues that can arise through the use of testamentary trusts with Mark Morris, Senior Tax Counsel, CPA Australia.

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#14 - Testamentary trusts bespoke planning opportunities

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Play Episode Listen Later Aug 27, 2015 62:40

This is a podcast of the webinar ‘Testamentary trusts – bespoke planning opportunities’ held on 18 August 2015. The webinar was presented by specialist View team members Carrie Payne and Matthew Burgess. The ongoing evolution of all aspects of estate planning has increasingly seen more creative uses of testamentary trusts. This presentation explored a range of planning opportunities for testamentary trusts including: Planning in relation to assets that do not otherwise form part of a will maker’s estate; Tax treatment of each asset class owned via a testamentary trust; The attitude of the Australian Taxation Office towards testamentary trusts and various planning strategies; Testamentary trust cloning and splitting Bespoke company constitutions and fettering of a trustee’s discretion; and Changing the domicile of a testamentary trust.

#9 - Testamentary trusts: key revenue issues

Play Episode Listen Later Jun 15, 2015

This is a podcast of the webinar ‘Testamentary trusts: key revenue issues’ held on 29 October 2014. The webinar was presented by Tara Lucke and Matthew Burgess, directors of View and widely recognised as two of Australia’s leading revenue focused lawyers in this area. This 90 minute presentation specifically addresses: Distributions from testamentary trusts, including: distributions to minor beneficiaries external accretions to testamentary trusts after death the treatment of capital gains Implications of holding a main residence in a testamentary trust The transfer of assets from: the will maker to the LPR the LPR to the testamentary trust the testamentary trust to a beneficiary during the term of the trust and on vesting.

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#1 - Testamentary Trusts – The fundamentals