Unwinding the Estate Plan: Wrapping up Complex Administration and Avoiding Potential Pitfalls

• CPD Points: 1 [PS] [SL]
• Price: $65.00
• Area: Elder and Succession Law; Estate Planning; Succession Planning; Trusts; Wills
• Delivered: August 2024

Digital Content

• Recording
• PDF of Slides and Paper

To purchase login below

Description

Mr Greg Russo, Principal Solicitor, Greg Russo Law presents this topic into the 2024 Estate and Succession Law Conference. The administration and finalisation of complex estates presents challenges to overcome and pitfalls to avoid. This presentation analyses some of the common complexities that can arise when advising legal personal representatives appointed to administer complex estates, including the below, and provides practical strategies to address them.

• Multi-entity estate administration.
• CGT small business concessions and post death business sales.
• Dealing with Trusts as part of estate administration: vesting; winding-up; rule in Saunders v Vautier; lost Trust deeds.
• State tax issues.
• Inter-jurisdictional.
• ATO’s requirements, including updates to PCG 2018/4.

Key takeaways from this session include:

• As fiduciaries, legal personal representatives and the manner in which they administer complex estates are liable to be scrutinised by the Court, and advisors need to be proactive in the advice that they provide to their legal personal representative clients.
• Administration of complex estates often involves a consideration of a variety of strategies and sources of law, sometimes across multiple jurisdictions.
• With sufficient familiarity of the issues associated with complex estate administration, there are a lot of focuses and strategies that advisors can employ to produce excellent outcomes for their legal personal representative clients re the finalisation of estate administration, including: a consideration of Will construction; bespoke trust administration; utilisation of the Small Business CGT Concessions; and an understanding of Conflict of Laws issues in multi-jurisdictional estates.