LYD Strategy Solution
      Back to home
      1. Success Hub
      2. Webinar & Training Replays
      3. LYD Strategy Solution

      07 August 2023 - LYD: Launch of the SMSF Testamentary Trust - an All-in-One Solution

      In this webinar Grant Abbott from Abbott & Mourly Lawyers and LightYear Docs will be looking at how accountants, financial planners, SAPEPAA and SMSF Advisers can offer SMSF Wills - an advanced BDBN with an in-built testamentary trust. But this is no ordinary testamentary trust as it is covered by special purpose tax provisions - separate from standard Will based TTs that provide all the benefits of a TT including adult tax rates for minors.

      Here are the key benefits of a SMSF Testamentary Trust:

      1. Control Over Assets: A SMSF testamentary trust allows the testator (the person making the will) to exert control over how their super assets are used and distributed after their death.
      2. Protection of SMSF Dependants: SMSF Testamentary trusts can protect beneficiaries who are minors, have disabilities, or may not be able to manage their own finances effectively.
      3. Protection from Creditors and Legal Claims: Assets held within a SMSF testamentary trust are generally protected from the beneficiaries' creditors and in most cases family law actions
      4. Tax Benefits: SMSF testamentary trusts can offer significant tax advantages. Income distributed to minors from a testamentary trust is taxed at adult rates, rather than the higher tax rates typically applicable to unearned income received by minors. This can result in substantial tax savings.
      Most importantly a SMSF testamentary trust shields the superannuation from a family provision claim and enables access to monies before probate! Post the event Strategist users of the LightYear Docs platform will be able to build a SMSF Testamentary Trust.

      Attachments: