Neal v Brown – Difficulties with Superannuation Deathbed Withdrawals

The recent NSW Supreme Court case of Neal v Brown [2024] NSWSC 841 highlights the adverse and unforeseen consequences of withdrawing superannuation death benefits before one’s death.

This case emphasis the necessity of not only considering tax implications when withdrawing superannuation benefits before death but also how such withdrawals interact with the terms of a will. Proper estate planning is essential to ensure that the distribution of assets aligns with the deceased’s wishes.

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Binding Death Benefit Nominations – Notice and Conduct 

A binding death benefit nomination (BDBN) is a direction from a member of a superannuation fund to the trustee of the superannuation fund on how that person’s superannuation entitlements are to be paid or transferred on their death. In the absence of a BDBN, the trustee is not compelled to distribute the superannuation proceeds in accordance with the member’s wishes.

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Family Farm Transfer Exemption – Transferring the Family Farm to related Parties

Farmland is often the single most valuable asset for a farming family. The farm provides a base from which to operate the farming business and the capital value of the farmland typically increases in value over the long term.

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Wills and Estates, Superannuation Deborah Anderson Wills and Estates, Superannuation Deborah Anderson

Superannuation nominations and death

There has recently been publicity in the media; about the long delays by superannuation funds in processing applications made by bereaved family members for payment of deceased person’s superannuation entitlements.

Some reports have referenced people waiting 15 months for the fund to make the payment, causing emotional and financial distress for the claimants.

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Wills and Estates Deborah Anderson Wills and Estates Deborah Anderson

Gifts or Loans To Children

December is a time for giving, and you may be considering providing your child or children with financial assistance through either a gift or a loan. Before making a gift or loan, you should consider the future implications, particularly in relation to your will if you pass away.

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Succession Planning with Digital Assets

Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.

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