77980 Estate and Retirement Planning
Warning: The information on this page is indicative. The subject outline for a
particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2025 is available in the Archives.
Credit points: 6 cp
Result type: Grade and marks
There are course requisites for this subject. See access conditions.
Description
Estate planning is an integral step in the process of assisting individuals, families and businesses implement strategies to aid in the management of wealth accumulation, wealth preservation and wealth transfer. An estates practice extends beyond the traditional focus of inheritance planning and managing the impact of death and taxes on families to a focus of wealth preservation for retirement planning. Therefore a range of professionals and occupations are engaged in the estate and retirement planning process to implement strategies to aid a client in the management of wealth accumulation, wealth preservation and wealth transfer upon death.
This subject provide students with an understanding of the Australian estate planning framework, the theoretical concepts as well as practical insights underpinning the process of estate and retirement planning. Students learn how to establish and manage an estate planning client relationship; understand the differing classes of assets that can (and those assets that cannot) pass through a deceased’s estate including the taxation and capital gains tax consequences that may arise; learn the role of an executor and the process of administration of an estate; have the opportunity to analyse the inheritance laws of Australia for people who die intestate (without a valid Will) and appreciate the difference between simple Will structures and complex Wills involving testamentary trusts. Students learn strategies that are available to manage the challenges that pose to clients’ wealth during family breakdowns and on how to manage the risks of a client’s decline in cognition and mental incapacity.
By studying this subject, students are given opportunities to learn how to provide estate planning advices for a range of family dynamics and family situations that an estate planning professional would deal with.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | Demonstrate an advanced understanding of the practice approach and procedural framework of estate planning engagements with clients. |
|---|---|
| 2. | Identify common types of business structures and critique the functions of business succession planning and its taxation implication including capital gains tax. |
| 3. | Apply extensive professional knowledge of superannuation and taxation consequences of death benefit payments in developing strategies to provide advisory recommendations in estate planning. |
| 4. | Illustrate knowledge of the formalities of drawing up wills and can outline estate administration processes. |
| 5. | Evaluate the legal framework of trusts and its importance in asset protection and taxation consequences including utilisation of the tax status of beneficiaries where required. |
| 6. | Identify and evaluate types of powers of attorney and binding health directives and its role in retirement planning. |
Teaching and learning strategies
Strategy 1: Students’ Preparation for Learning
Students prepare prior to class through prescribed reading of cases, legislation, articles and online resources. The prescribed reading and proposed timetable is included in the Subject Guide and Program. This pre-reading enables students to develop knowledge that forms the basis of their class participation, including whole class and small group collaborative discussions. Preparation also enables students to test their knowledge and understanding through the online discussion forum. Students share their questions and ideas on the online discussion forum, with guidance and feedback from the lecturer. The discussion forum enables students to share their ideas in plain language and to apply appropriate written communication skills, including responses to peer and lecturer comments in a professional manner.
Strategy 2: Seminars
Seminars are lecturer led discussions. Key estate planning legal principles and theories are reviewed in the seminars by lecturers at the beginning of each session and takes students through the relevant legislative provisions and case extracts from the prescribed reading materials. Students are encouraged to ask questions, challenge ideas and test their understanding during seminars. Hypothetical scenarios involving varying estate planning client engagement situations will form the basis for class and small group problem solving in class.
Strategy 3: Research and Written Assignment
All students have the opportunity to prepare a written client advice in a problem-solving exercise to address the complexities that may arise in varying family relationships and dynamics and to develop the ability to explore and navigate resolutions within the estate and retirement planning framework whilst managing these challenges. Students will also develop their research and academic and professional writing skills through the analysis of issues and evaluation of options on key estate planning theories and issues and preparation of written responses through completion of a written assignment.
Strategy 4: Ongoing Feedback
There are opportunities to receive lecturer feedback to students’ problem-solving strategies and skills with the research assignment and in class small group discussions on estate planning client engagement situations solutions.
Subject Delivery:
The subject will be delivered by way of online readings uploaded onto Canvas, recorded lectures, zoom sessions, on-campus final exam preparation class and discussion boards.
Content (topics)
- Understanding the estate planning process and framework
- Retirement planning for incapacity and deteriorating health: Powers of Attorney, Guardianship and Binding Health Directives
- The laws of Intestacy
- Estate planning: Choosing an executor, executorial responsibilities during estate administration and managing the deceased estate
- Estate assets in succession planning: What are estate assets and non-estate assets, the transfer of assets after death and the concept of “notional estate”
- Implementing estate succession plans: formalities of preparing a Will, gifts to beneficiaries and philanthropy, asset protection strategies and the creation of testamentary trusts within a Will
- Superannuation, Death Benefits and associated taxation implications
- The administration of estates, the transfer of assets and the associated taxation implications including capital gains tax implications
- Strategies to respond to blended family relationships
- Business succession planning for different business structures
- Estate and retirement planning in action: providing estate planning advices and documenting recommendations
Assessment
Assessment task 1: Online Quiz
| Objective(s): | This task addresses the following subject learning objectives: 3 and 5 This task contributes specifically to the development of the following graduate attributes: .1, .1 and .1 |
|---|---|
| Weight: | 20% |
| Length: | 1 hour |
| Criteria: | Students are expected to apply the applicable superannuation and taxation laws, evaluate issues concerning trusts and their associated asset protection and taxation implications. |
Assessment task 2: Research Assignment 2
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3, 4, 5 and 6 This task contributes specifically to the development of the following graduate attributes: .1, .1 and .1 |
|---|---|
| Weight: | 40% |
| Length: | 1,500 words limit |
| Criteria: |
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Assessment task 3: Faculty based Exam
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3, 4, 5 and 6 This task contributes specifically to the development of the following graduate attributes: .1, .1 and .1 |
|---|---|
| Weight: | 40% |
| Length: | 2 hours |
| Criteria: | Submissions required to be individual work. Students have two hours to prepare an estate planning advice to the client/s in the case study. Students are expected to discuss the client/s’ concerns in their estate planning advice and to indicate what advice they would give the client/s relating to those concerns |
Required texts
Estate Planning (4th edition) Perkins M & Monahan R, Lexis Nexis
Additional study support material will be put on Canvas.
Lecture Slides to assist in note taking are also provided on Canvas
Other resources
A wide range of materials are included in the online site Canvas. There are also e-versions of texts and site such as www.austlii.edu.au that are very useful. More Links to useful web sites is found in the subject on Canvas.