79036 Retirement and Estate Planning
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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
This subject introduces students to the law relating to retirement and estate planning in Australia. Students learn about the importance of estate planning for business and family structures. Students are introduced to key areas of retirement planning, including superannuation, employment termination payments and financial services regulation. This subject brings together the two areas of retirement and estates with a focus on developing students’ knowledge and skills in order to understand the legal environment in which these two areas operate.
In estate planning, students develop an understanding of the relevant legal requirements and the impact of those requirements and opportunities on the financial planning process. Estate planning covers a broad field which includes wills, probate and succession, taxation, property equity and trusts, contacts and family relations.
In retirement planning, students explore the law relating to contributions to superannuation funds, the various types of superannuation funds and their regulation by statute. Importantly this subject enables students to apply retirement planning law to real-life problems, for example, how to calculate tax payable on superannuation benefits and employment termination payments. The nature of members’ interest in superannuation funds and the law relating to payment of lump sum or pension benefits to members in retirement is also considered.
The subject takes both a theoretical and practical approach to the areas of retirement and estate planning. There is a focus on the role of professionals in working with clients and other professionals in these areas. This focus provides opportunities for students to develop an awareness of the importance of these area across the many facets of business and family structures.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
| 1. | Demonstrate knowledge of the role of business in retirement and estate planning, including the relationship between individuals and families. |
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| 2. | Demonstrate understanding of the ways in which the law impacts on retirement and estate planning. |
| 3. | Critically analyse and apply key legal principles to a range of individual, business and family scenarios. |
| 4. | Develop and clearly communicate strategies for effective retirement and estate planning, including taxation and superannuation requirements. |
| 5. | Critically evaluate the role of the professional in advising clients in a multidisciplinary context. |
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of the following graduate attributes which reflect the course intended learning outcomes:
- Legal Knowledge
A coherent understanding of fundamental areas of legal knowledge including:
a. The Australian colonial and post-colonial legal system, international and comparative contexts, theoretical and technical knowledge;
b. The broader contexts within which legal issues arise and the law operates including cultural awareness, social justice and policy;
c. The impact of Anglo-Australian laws on Indigenous peoples, including their historical origins in the process of colonisation and ongoing impact; and
d. The principles and values of justice and ethical practices in lawyers' roles. (LAW.1.1) - Critical Analysis and Evaluation
A capacity to think critically, strategically and creatively, including the ability to:
a. Identify and articulate legal issues in context, including the skill of critical reading and writing;
b. Apply reasoning and research to generate appropriate responses;
c. Engage in critical analysis and make a reasoned choice amongst alternatives; and
d. Think creatively in approaching legal issues and generating appropriate responses. (LAW.3.1) - Communication
Effective and appropriate communication skills including:
a. Highly effective use of the English language to convey legal ideas and views to different and diverse audiences and environments;
b. An ability to communicate to inform, analyse, report and persuade;
c. An ability to strategically select an appropriate medium and message;
d. An ability to assess how messages are received and alter communication strategies accordingly; and
e. An ability to be responsive and adaptive to the perspectives of collaborators, clients, counter parties and others. (LAW.5.1)
Teaching and learning strategies
Strategy 1
Preparation for class: Students prepare for class through engaging with the subject material. Preparation consists of tutorial questions aimed at guiding students through their introduction to the substantive law. This guided preparation forms the basis for the seminar discussions.
Strategy 2
Participation in interactive discussions: Seminars build on student preparation through discussions of key principles and the theoretical and practical themes that are identified in the material. In particular, interactive seminars allow for discussion and clarification of the relevant law. Students will discuss concepts and develop their legal knowledge and communication skills. There is an emphasis on practical examples in order to enable students to develop analysis and problem-solving skills.
Strategy 3
Feedback: Formal and informal feedback will be provided throughout the session. Feedback comes from a range of sources, including peers in class or online, the teacher in response to class discussion, presentations and assessments and from personal reflection. Students are encouraged to test their understanding of the readings completed in preparation for the seminars by asking and responding to questions.
Strategy 4
Research and class presentation: The development of critical analysis skills enables students to apply their preparation and research in order to demonstrate their understanding of the law relating to estate and retirement planning. Students also develop skills in presentation and communication as they discuss their research, raise questions, contribute their observations and respond to their peers. In this way, students develop and test their learning whilst receiving feedback from their teacher and peers.
Subject Delivery
3 hour seminar
Content (topics)
- Understanding the retirement and estate planning framework and the role of law and business
- Superannuation and retirement planning
- Taxation implications and retirement planning
- Financial Services Regulation
- Impact of family breakdown and social security considerations
- Wills, probate and succession
- Estate planning and estate administration
- The laws of Intestacy
- Trusts and estate planning
- Taxation and estate planning
- Impact of family relations and incapacity in retirement and estate planning
- The role of professionals in retirement and estate planning
Assessment
Assessment task 1: Case analysis & presentation
| Objective(s): | This task addresses the following subject learning objectives: 1, 2 and 4 This task contributes specifically to the development of the following graduate attributes: LAW.1.1, LAW.3.1 and LAW.5.1 |
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| Weight: | 20% |
| Length: | Case analysis & presentation: Word Limit: 750 words |
| Criteria: | Assessment criteria: Case analysis & presentation:
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Assessment task 2: Case study and advice
| Objective(s): | This task addresses the following subject learning objectives: 1, 3 and 4 This task contributes specifically to the development of the following graduate attributes: LAW.1.1, LAW.3.1 and LAW.5.1 |
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| Weight: | 30% |
| Length: | 1,500 words |
| Criteria: |
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Assessment task 3: Exam
| Objective(s): | This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task contributes specifically to the development of the following graduate attributes: LAW.1.1, LAW.3.1 and LAW.5.1 |
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| Weight: | 50% |
| Length: | 2 hours |
| Criteria: |
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Minimum requirements
50 pass across the entire subject.
Required texts
Perkins M & Monahan R, Estate Planning: A Practical Guide for Professionals Helping Australians Age Well, 5th edition, 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
Students will find a wide range of reading materials and overheads on Canvas. Many of these materials will be made available as the course progresses. It is important that you login to Canvas and check for new materials and announcements on a regular basis.