Tax benefits no longer apply when assets brought into a testamentary trust from outside estate

For many people a testamentary trust is a key part of estate planning arrangements. There are a number of tax benefits and other advantages that come from the use of a testamentary trust.

Until recently, the tax benefits applied to not only those assets put into a testamentary trust from the deceased’s estate, but also to any other assets transferred into a testamentary trust from outside the estate.

That has now changed and the tax benefits will only now apply to those assets put into the trust from the deceased.

If your estate succession plan relies on a testamentary trust or if you are the trustee of a testamentary trust and would like specific advice on your circumstances please contact Jon Wiedman on 07 4637 6300.

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