SMSF Estate Planning under the new reforms
From 1 July 2017, the introduction of the transfer balance cap (TBC) impacted the amount of capital that an individual could use to support an income stream in retirement phase. The TBC also applies to death benefit income streams and therefore changes the way we must think about estate planning.
Briefly, the changes will now force amounts of superannuation to leave the system, earlier and larger than in the past, upon the death of a member. Therefore, members must have an estate plan set up early to ensure their death benefits go where they intend.
We recommend that you gain the advice of an SMSF Specialist. To find your nearest SMSF Specialist, use our Find a Specialist function.