Estate and inheritance litigation and disputes are often highly emotionally driven. Parties often ignore the tax consequences of the matter until it is too late.
Tax & Super Australia is hosting a special workshop for a Melbourne audience that should be a great help for practitioners dealing with clients who are in the midst of a dispute over inheritance issues (see link below).
The workshop will highlight the important capital gains tax rollover provisions as well as Victorian duty exemptions that are available in the deceased estate context. These should also be considered when settling estate disputes or litigating estate matters.
A detailed case study involving disputes between beneficiaries about personally owned assets, family trusts and superannuation will be discussed.
It is important to take on board the fact that tax advisers need to be proactive in the dispute resolution process, and not just “leave it to the lawyers”.
Takeaway points that you should be able to walk away with include:
Understanding the nature of the dispute in wealth distributionUnderstanding the parties and claims at handUnderstanding the structure of ownership of assets being left behind and subject to a dispute – personally held, family trusts and superannuation assetsBeing able to work collaboratively with solicitors in the matter to settle an inheritance dispute in a tax-effective mannerNot losing track of the tax bill that may be unintentionally triggered and understanding the tax implications of assets being transferred on settlement of a dispute, including:Transfer of deceased estate assets and Division 128 Rollover relief for deceased estate assetsChanges of control of family trustsSuperannuation death benefits and minimising the impact of superannuation death benefits tax as far as possibleStamp duty implications and potential duty exemptionsThe tax-effective use of deeds of family arrangement, settlement deeds and court orders in relation to settling claims and matters.
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