National Conference 2020
Trustees of SMSFs have discretion in deciding to whom to pay a death benefit – or do they? Recent years have seen this discretion practically eroded, and this can cause complications for getting the death benefit to the intended recipient.
Conflicts of interest are being frequently raised at death benefit payment time but with proper planning and care in the payment process these can be managed.
This session will look at the established cases, what advisers should be doing at death benefit planning stage to manage conflicts and what the impact of these conflicts can be when paying a death benefit.
And is there another level of conflict with SMSFs that hasn’t been explored in the cases yet – will you be the case we are talking about at next year’s conference?
At the end of the session, you will be able to:
- Understand and identify conflicts that may occur in the death benefit payment process from SMSFs;
- Understand the impact of conflicts on making death benefit payments from SMSFs;
- Know the possible steps to take when planning for how death benefits will flow from SMSFs to minimise conflicts, and;
- Become aware of other conflict issues with making death benefit payments from SMSFs.
The contents of this resource are taken to be correct at the time of publication.
Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association