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28: Navigating The Inevitable – Death and Taxes
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Grim but essential — don't let death and taxes blindside you or your loved ones. This episode covers key tax questions to ask when drafting a will, acting as executor, or receiving inheritance.
Death and taxes — two certainties in life that intersect when someone passes away. tax implications can significantly impact the assets and wealth you leave behind or inherit from a deceased estate. Today, we will tackle the subject matter head-on, exploring crucial tax considerations at every stage.
If drafting a will, understand how assets will be taxed when divided among beneficiaries, and the potential advantages of including the basics of a testamentary trust. As an executor, be prepared to file outstanding tax returns, apply for estate tax file numbers, and manage CGT events if assets are disposed of. And for beneficiaries, know the implications of inheriting different asset types — pre/post CGT, main residences, and business interests.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- Defining key death and tax terms — beneficiary, executor, legal personal representative (1:12)
- Tax on assets when you die — the CGT rollover provisions (3:40)
- What is a testamentary trust and why include one in a will? (6:57)
- Tax obligations if you are the executor of an estate (12:07)
- Tax implications for beneficiaries inheriting different asset types (16:12)
- Preserving main residence exemption and small business CGT concessions (20:28)
Don't be caught unaware when navigating the tricky crossroads of death and taxes. Seek professional advice early and be prepared — it could mean the difference between preserving or eroding your wealth.
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