SMSFs warned over incapacity planningBY BEN COLLINS | MONDAY, 18 FEB 2013 11:20AMOften the risks of a self-managed super fund director becoming incapacitated are ignored, a leading lawyer has warned. |
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David Woodall
CHIEF EXECUTIVE OFFICER, SUPERANNUATION
INSIGNIA FINANCIAL LTD
INSIGNIA FINANCIAL LTD
Facing his greatest test yet in metamorphosing MLC Super, Dave Woodall is adamant the juice will be worth the squeeze. Jamie Williamson writes.
With the work we are doing with accountants, we are making them aware of the need to refer their SMSF clients for additional advice that is required. Recent Legislation makes it mandatory for Trustees to ensure suitable insurance is in place, but the reality is, this is often overlooked. There have already been a number of legal actions involving Trustees where insufficient insurance was in place when events occurred. This sort of experience is something accountants would prefer not happen to their clients, hence the need to ensure the appropriate guidance is provided in respect to such additional advice.