Overview
This unit covers the role of the financial advisor in estate and succession planning. You will examine the legal and taxation issues related to estate and succession planning. You will apply the skills required for managing the client relationship and construct an estate and succession plan for a client situation. In this unit you will have the opportunity to integrate the broad range of knowledge and skills required of a practicing Financial Planner into a practice focused project based on a practical client situation.
Details
Pre-requisites or Co-requisites
Pre-requisites: FINC19016 Retirement and Superannuation and FINC19019 Insurance Planning
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 2 - 2024
Attendance Requirements
All on-campus students are expected to attend scheduled classes - in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of 'pass' in order to pass the unit. If any 'pass/fail' tasks are shown in the table above they must also be completed successfully ('pass' grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the 'assessment task' section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University's Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure - Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure - International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback - Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from Student Evaluation
The students expressed concerns regarding the weekly quizzes, citing that the allocated time and the 10% weighting seemed disproportionate. They conveyed that the quizzes demanded more time for completion, particularly due to the perceived necessity of conducting research to address the theory-based questions.
Consider transforming the weekly quizzes into tutorial materials and give more emphasis to the Estate Plan assessment. Consequently, this would streamline the assessment structure from ten items to two, aligning it with the format commonly observed in other financial planning units.
Feedback from Student Evaluation
Update the learning material to be more understandable and relevant to our state of study - Queensland rather than being based on the NSW laws.
Consider updating the content with learning material that reflects other Australian States as well.
- Demonstrate legal, ethical and commercial principles pertinent to estate and succession planning
- Solve estate and succession planning problems using ethical financial planning principles
- Prepare professional estate and succession plans for a variety of client circumstances
- Apply communication techniques for effective client relationship building.
This unit will become part of the Financial Planning suite of units that is accredited by the Financial Planning Education Council using its own standards and the RG146 ASIC standard for Financial Planners. This proposed unit is designed to fit within the overall strategy for accreditation within this regime.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Practical Assessment - 50% | ||||
| 2 - Take Home Exam - 50% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Communication | ||||
| 2 - Problem Solving | ||||
| 3 - Critical Thinking | ||||
| 4 - Information Literacy | ||||
| 5 - Team Work | ||||
| 6 - Information Technology Competence | ||||
| 7 - Cross Cultural Competence | ||||
| 8 - Ethical practice | ||||
| 9 - Social Innovation | ||||
| 10 - First Nations Knowledges | ||||
| 11 - Aboriginal and Torres Strait Islander Cultures | ||||
Alignment of Assessment Tasks to Graduate Attributes
| Assessment Tasks | Graduate Attributes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | |
| 1 - Practical Assessment - 50% | |||||||||||
| 2 - Take Home Exam - 50% | |||||||||||
Textbooks
There are no required textbooks.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
a.mcinnes@cqu.edu.au
h.maragos@cqu.edu.au
w.lear@cqu.edu.au
Week 1
Begin Date: 08 Jul 2024Module/Topic
Core Concepts and Contexts:
- Components of an estate plan [EP]
- Relevant professionals engaged in EP
- Estate Planning as a strategic financial advisory component
- Role, obligations and best interest duties of the financial planner
Chapter
Refer to the Study Guide in Week 1 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 1 in Moodle for:
- Study Guide
- Week 1 Questions and Applications
- Practical Assessment Estate Plan Instructions
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 2
Begin Date: 15 Jul 2024Module/Topic
The Situation Review and Adviser Accountability:
- Scoping the client's EP needs, responsibilities and capacity
- Who is the client and to whom are they accountable?
- Establishing the wealth of the client
- Understanding the constraints on a person's EP
- Digital assets
Chapter
Refer to the Study Guide in Week 2 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 2 in Moodle for:
- Study Guide
- Week 2 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 3
Begin Date: 22 Jul 2024Module/Topic
Wills, Probate and Succession:
- Preparation, structure and importance of a will
- Formal requirements of wills - adults and minors
- Effect of marriage and divorce
- Intestacy
Chapter
Refer to the Study Guide in Week 3 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 3 in Moodle for:
- Study Guide
- Week 3 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 4
Begin Date: 29 Jul 2024Module/Topic
Executors, Powers of Attorney and Advanced Health Directives:
- Role and responsibilities of the executor
- Powers of Attorney, Guardianship and Advanced Health Directives
- Guardianship - Trends, Issues and Appointment
- Guardianship of Minors
- Guardianship of Adults and Capacity Challenges
- Testamentary capacity and undue influence
Chapter
Refer to the Study Guide in Week 4 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 4 in Moodle for:
- Study Guide
- Week 4 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 5
Begin Date: 05 Aug 2024Module/Topic
Asset Protection and Trusts
- Objectives and elements of a trust
- Controls, types and uses of a trust in EP
- Testamentary trusts - operation, benefits and tax treatment
Chapter
Refer to the Study Guide in Week 5 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 5 in Moodle for:
- Study Guide
- Week 5 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Vacation Week
Begin Date: 12 Aug 2024Module/Topic
Vacation and catch-up week
Chapter
Refer to the Study Guide in Weeks 1 to 5 for Prescribed and Supplementary Reading
Events and Submissions/Topic
- Revising Weeks 1 to 5
- Practical Assessment Estate Plan
- Catching up incomplete Modules from Weeks 1 to 5
Week 6
Begin Date: 19 Aug 2024Module/Topic
Taxation of Estates Part 1 - Basics, Capital Gains Tax [CGT] and 3-Year Rule:
- Tax rates for deceased estate and 3-year rule
- CGT - exemptions and deceased estates
- Testamentary gifts and exempt assets
- Inter Vivo's transactions
Chapter
Refer to the Study Guide in Week 6 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 6 in Moodle for:
- Study Guide
- Week 6 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 7
Begin Date: 26 Aug 2024Module/Topic
- Superannuation - how it fits into EP
- Binding Death Nominations
- Beneficiaries on the death of a member
- Tax dependent vs superannuation dependent
- SMSF and passing on control
Chapter
Refer to the Study Guide in Week 7 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 7 in Moodle for:
- Study Guide
- Week 7 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 8
Begin Date: 02 Sep 2024Module/Topic
Responding to the Family Breakdown:
- Family breakdown after death
- Challenging the will
- Eligible persons
- Effect of consent orders, financial arrangements and 'pre-nup' on estates
Chapter
Refer to the Study Guide in Week 8 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 8 in Moodle for:
- Study Guide
- Week 8 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 9
Begin Date: 09 Sep 2024Module/Topic
Business Succession Planning:
- Address basic taxation implication to the owner/business upon sale or transfer of ownership
- Buy/sell agreement
- Estate and personal financial plan for business owner, spouse and succeeding generation
- Consider active and non-active family members equitable share of assets
Chapter
Refer to the Study Guide in Week 9 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 9 in Moodle for:
- Study Guide
- Week 9 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
Week 10
Begin Date: 16 Sep 2024Module/Topic
Other contemporary issues - e.g. Philanthropy, Inheritances, and Aged Care
- Philanthropy issues like Charitable Trusts, Ancillary funds and small donations in wills
- Inheritances, and their implications for wills, notifying beneficiaries and preservation of assets
- Aged Care funding, types of arrangements and instructions
Chapter
Refer to the Study Guide in Week 10 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 10 in Moodle for:
- Study Guide
- Week 10 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
- Complete Student Evaluation Survey
Week 11
Begin Date: 23 Sep 2024Module/Topic
The Estate Plan
- Objectives and intentions
- Evaluation
- Threats and risk affecting clients
- Moving from issues to action
- Engaging with client decisions
- Estate analysis at work
- Articulating assumptions and objectives
- Explaining your observations
- Setting out your advice
Chapter
Refer to the Study Guide in Week 11 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 11 in Moodle for:
- Study Guide
- Week 11 Questions and Applications
- Practical Assessment Estate Plan
- Live and Recorded Zoom Workshop
- Complete the Weekly Workbook
- Complete Student Evaluation Survey
Estate Plan Due: Week 11 Monday (23 Sept 2024) 11:45 pm AEST
Week 12
Begin Date: 30 Sep 2024Module/Topic
Estate Planning - Challenges and Choices for Advisers:
- Establishing private schemes of representation
- Reducing impact of third-party risks on estates
- Superannuation - a capital protection strategy
- Myths 'my estate is simple!'
- Is the family fit to govern?
- Appointing and removing trustees
Exam Review
Chapter
Refer to the Study Guide in Week 12 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 12 in Moodle for:
- Study Guide
- Week 12 Questions and Applications
- Live and Recorded Zoom Workshops
- Complete the Weekly Workbook
- Complete Student Evaluation Survey
- Exam Review
Review/Exam Week
Begin Date: 07 Oct 2024Module/Topic
Exam Review:
- Structure
- Preparation
- Materials
- "Have Your Say" Student Evaluation Survey
Chapter
Refer to Assessment Section on Moodle for Exam Advice
Events and Submissions/Topic
Refer to Week 12 in Moodle for:
- Exam Preparation
- Write the Exam
- Complete Student Evaluation Survey
ONLINE OPEN BOOK TIMED EXAMINATION Due: Review/Exam Week Friday (11 Oct 2024) 4:00 pm AEST
Exam Week
Begin Date: 14 Oct 2024Module/Topic
All the best with your future.
Chapter
Events and Submissions/Topic
Unit Coordinator End of Term Report
- Available once finalized by all the relevant Committees and after Certification of Grades
1 Practical Assessment
These are all individual assessments based on a client case study.
Detailed submission instructions, the client case study, estate plan templates and the marking criteria are provided under the <ASSESSMENT> tile in Moodle.
The assessment is worth 50%
To achieve the following unit learning outcomes:
- Demonstrate legal, ethical and commercial principles pertinent to estate and succession planning
- Solve estate and succession planning problems using ethical financial planning principles
- Prepare professional estate and succession plans for a variety of client circumstances
- Apply communication techniques for effective client relationship building.
Assessment Task
- Read and Analyze the Case Study: Thoroughly review and analyze the provided case study to gain a comprehensive understanding of the clients' financial situation, family dynamics, and specific needs.
- Prepare a Comprehensive Estate Plan: Develop a detailed estate plan tailored to the clients' requirements, involving collaboration with relevant professionals such as accountants and estate lawyers. Ensure the plan addresses all pertinent aspects of estate planning.
- Scope Clients' Estate Planning Needs and Responsibilities: Identify and assess the estate planning needs, responsibilities, and capacity of the clients, considering factors such as assets, liabilities, family structure, and future goals.
- Identify Clients and Accountable Parties: Clearly define the clients and stakeholders involved in the estate planning process, including family members, beneficiaries, and legal representatives. Establish lines of accountability and communication.
- Assess Clients' Wealth: Conduct a comprehensive evaluation of the clients' wealth, encompassing all assets, investments, properties, and liabilities. Determine the overall financial standing and potential areas for optimization.
- Understand Constraints on Estate Management and Succession: Recognize and address any constraints or limitations affecting the management and succession of the clients' estate, including legal, tax, and regulatory considerations.
- Consider Compliance Regime and Adviser Accountability: Ensure compliance with relevant laws, regulations, and industry standards throughout the estate planning process. Maintain accountability and transparency in advising the clients, adhering to ethical guidelines and professional responsibilities.
- Document Recommendations: Document all recommendations and proposed strategies in a clear and organized manner, outlining the rationale behind each decision and considering potential risks and contingencies.
- Articulate Assumptions and Objectives: Clearly articulate the assumptions made during the estate planning process, as well as the objectives and goals driving the proposed strategies. Align recommendations with the clients' stated preferences and long-term aspirations.
- Explain Observations: Provide detailed explanations of key observations, findings, and insights gleaned from the case study analysis and estate planning process. Communicate effectively with the clients and relevant professionals, ensuring clarity and understanding.
By following this task list, you can ensure a comprehensive and well-executed estate planning process that meets the clients' needs and objectives while adhering to professional standards and regulatory requirements.
Week 11 Monday (23 Sept 2024) 11:45 pm AEST
Submission via the
Week 12 Friday (4 Oct 2024)
Feedback will be provided via Moodle in the
A comprehensive marking rubric covering grading criteria and allocation of marks to meet the learning outcomes is available in the Moodle <Assessment> tile.
- Demonstrate legal, ethical and commercial principles pertinent to estate and succession planning
- Solve estate and succession planning problems using ethical financial planning principles
- Prepare professional estate and succession plans for a variety of client circumstances
- Apply communication techniques for effective client relationship building.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
2 Take Home Exam
This is an individual assessment.
To achieve the following unit learning outcomes:
- Demonstrate legal, ethical and commercial principles pertinent to estate and succession planning
- Solve estate and succession planning problems using ethical financial planning principles
- Apply communication techniques for effective client relationship building.
Assessment Task
- This is an open book online timed exam of 3 hours, including downloading, uploading, and submission time.
- Late submissions will not be marked.
- As this is an individual assessment, so collaboration with other students will result in a reportable academic integrity contravention of all students involved. This may result in a fail result for this assessment. Please note that your paper will be submitted through Turnitin.
- There is a minimum exam grade of 50% to pass the unit.
- You will be typing your answers in the examination template Microsoft-Word document provided.
- If you encounter problems submitting your paper to Moodle, email it to your unit coordinator on the due date and by the due time.
Review/Exam Week Friday (11 Oct 2024) 4:00 pm AEST
Download the exam from Moodle
Feedback will be provided via Moodle in the
Open book online exam grading as per the Take Home Exam Advice to meet the learning outcomes.
For your preparation refer to the:
- Exam Advice from Week 10
- Attend and participate in the Week 12 live online Zoom Workshop or watch the recording afterwards
For the exam refer to the
- Online Open Book Exam Instructions found within Moodle in the <Assessment> tile.
- Demonstrate legal, ethical and commercial principles pertinent to estate and succession planning
- Solve estate and succession planning problems using ethical financial planning principles
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
