Advanced Estate Planning Training Course by Adj Professor, Dr Brett Davies

• Estate Planning Training Course

• FREE

• Welcome to Legal Consolidated’s Estate Planning training course.
  
  The course is for accountants, financial planners and lawyers.

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• Checklist

Welcome to Legal Consolidated’s Estate Planning training course. The course is for accountants, financial planners and lawyers.

I am an adjunct Professor, holding seven university degrees including a doctorate in Estate & Succession Planning. Since 1988, I have specialised, as a lawyer in Estate Planning, Superannuation and taxation.

I am pleased to offer a certificate of accreditation from Legal Consolidated. This is on completion of the online Estate Planning training Course.

The Estate Planning Training Course covers:

1. the 4 defacto death duties
2. how to reduce the effect of these defacto death duties
3. 3-Generation Testamentary Trust vs Testamentary Trusts
4. spendthrift, bankrupt and mentally challenged beneficiaries
5. explaining the different types of trusts contained in the Wills:
   • 3-Generation Testamentary Trusts
   • Super Testamentary Trust – to reduce the 17% or 32% tax on Super going to adult children
   • Bankruptcy Trusts – if a beneficiary is bankrupt
   • Maintenance Trust – where beneficiaries are under 18 years of age or unstable
6. Mutual Wills vs Single Wills

The Estate Planning training course empowers you to build Wills on our law firm’s website, for your clients. You provide the financial planning and accounting advice and charge your clients for that advice. You can be confident and secure in the knowledge that we, and we alone, are providing the legal advice.

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The training video answers many questions including:

QUESTION: Is the option to use the 3-Generation Testamentary trusts at the discretion of the executor (a choice)? What if there are minor children? Does the minor take over their trusts when they reach the age of majority?

ANSWER: If you build 3-Generation Testamentary Trusts for mum and dad (mutual) or for a single person you get many different trusts in the Will. Each beneficiary independently decides which ones he or she will use.

One of the benefits of a 3-Generation Testamentary Trust over a standard Testamentary Trust is that they are discretionary. Each beneficiary can decide to put some or all of their percentage of the estate into one or many 3-Generation Testamentary Trusts.

For example, the boy and girl get the assets from their dead parents 50/50. The boy decides not to set up any Testamentary Trusts (this is a shame as they save tax for up to 80 years). Instead, the boy just takes his 50% in his own name. The girl, on the advice of her accountant and financial planner, decides to set up 4 testamentary trusts for her 50%. She puts business assets into one 3-Generation Testamentary Trust and other assets in the others.

While the beneficiary is bankrupt, a minor or mentally unable to look after the money, then the Executors decides what trusts to best to set up. However, these automatically revert to 3-Generation Testamentary Trusts when the beneficiary is able to look after the wealth.

If there is Superannuation when you die, and if it goes into your Will then the Superannuation Testamentary Trust seeks to reduce the 17% or 32% non-dependancy tax to zero. If you have no superannuation when you die then the Superannuation Testamentary Trust just remains dormant. It is not activated.

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Adj Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
National Australian law firm

National:   1800 141 612
Mobile:      0477 796 959
Email:       [email protected]

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