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 - 2020
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 Have Your Say
Students were particularly impressed by the pre-recorded webinars and overall support stating they were extremely informative, concise and offered examples and insight of estate planning in practice.
This unit will continue to enlist the expertise of qualified practitioners to enhance the learning outcomes and prepare students to be work-ready graduates of financial planning.
Feedback from Have Your Say
The supporting slides were helpful to studying. The weekly questions I believe were helpful to prepare for part 2 of the assignment and study notes for the exam".
This unit will continue to focus on providing students with useful and effective learning resources and opportunities for progressive learning.
Feedback from Have Your Say
Students provided feedback about the textbook stating it was difficult to navigate.
The textbook is written by an expert in this field. However, student feedback has been provided to the author and he has committed to making revisions.
- 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 - 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 | |
| 1 - Practical Assessment - 50% | ||||||||||
| 2 - Take Home Exam - 50% | ||||||||||
Textbooks
Estate Planning: A practical Guide for Estate and Financial Service Practitioners
Edition: Fourth (2015)
Authors: Michael Perkins and Robert Monahan
Lexis Nexis
Chatswood Chatswood , New South , Australia
ISBN: eText 9780409339499 [pbk 9780409339482]
Binding: eBook
Additional Textbook Information
If you prefer to study with a paper copy, they are available at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code). eBooks are available at the publisher's website.
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
Module/Topic
Core Concepts and Contexts:
- Components of an estate plan [EP]
- Relevant professionals engaged in EP
- EP 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 and Week 1 Questions and Applications
- Webinar Agenda
Module/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
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 and Week 2 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/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 and Week 3 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/Topic
Executors, Powers of Attorney:
- 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
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 and Week 4 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/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 vivos transactions
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 and Week 5 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/Topic
VACATION WEEK
Chapter
VACATION WEEK
Events and Submissions/Topic
VACATION WEEK
Module/Topic
Taxation of Estates Part 2 - 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 6 for Prescribed and Supplementary Reading
Events and Submissions/Topic
Refer to Week 6 in Moodle for:
- Study Guide and Week 6 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/Topic
Taxation of Estate Part 3 - Superannuation and Death Benefits:
- Superannuation - how it fits into EP
- Binding Death Nominations
- Beneficiaries on the death of a member
- Tax dependant vs superannuation dependant
- 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 and Week 7 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/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 List and Supplementary Reading
Events and Submissions/Topic
Refer to Week 8 in Moodle for:
- Study Guide and Week 8 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/Topic
Responding to Changes in Capacity and Cognition:
- Planning for declining capacity ad deteriorating health
- Powers of attorney, guardianship and back-ups in context
- Testamentary capacity and undue influence
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 and Week 9 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/Topic
Estate Planning in Action Part 1 - The Estate Plan
- Objectives and intentions
- Evaluation
- Threats and risk affecting the client
- Moving from issues to action
- Engaging with client decisions
- Estate analysis at work
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 and Week 10 Questions and Applications
- Webinar Agenda
No quiz this week.
Part 2 of Estate Planning Term Project due Wednesday 25th September at NOON
Module/Topic
Estate Planning in Action Part 2 - Challenges and Choices for Advisers and Clients:
- 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
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 and Week 11 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/Topic
Estate Planning in Action Part 3 -Documenting Recommendations
- Articulating assumptions and objectives
- Explaining your observations
- Set out your advice
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 and Week 12 Questions and Applications
- Webinar Agenda
Online Quiz available from 10am Thursday until 10pm Saturday
Module/Topic
Exam Review:
- Structure
- Preparation
- Materials
Chapter
Refer to Assessment Section on Moodle for Exam Advice
Events and Submissions/Topic
Refer to Week 12 in Moodle for:
- Exam Review Preparation
- Webinar Agenda
Module/Topic
Details to be advised
Chapter
Details to be advised
Events and Submissions/Topic
Details to be advised
1 Practical Assessment
Part 1 includes 10 x weekly online quizzes.
Specifically, a 10 question quiz will be released in weeks 2 to 9 and weeks 11 and 12.
The quiz can be accessed in those weeks from 10am Thursday until Saturday 10pm with 1 hour to complete.
The questions will draw from the prescribed reading referred to in the weekly study guides and webinar content.
The aim of each quiz is to encourage progressive learning.
Each quiz will be worth 1% [ie 10 quizzes x 1% = 10% total for Part 1].
Part 2 is an individual assignment based on a client case study.
Detailed submission instructions, the client case study, templates and the marking criteria are provided under the ASSESSMENTS block in Moodle.
Part 2 is worth 40%.
In summary, you are required to read and analyse the case study carefully. Then prepare comprehensive letters of advice to the client and relevant professionals including the clients, accountant and estate lawyer.
Together, the letters will demonstrate your ability to:
- Scope the client’s estate planning needs, responsibilities and capacity
- Show who is the client and to whom they are accountable
- Establish the wealth of the client
- Understand the constraints on a person’s estate management and the succession of their estate
- Show consideration for the compliance regime and adviser accountability [and limits]
- Document recommendations
- Articulate assumptions and objectives
- Explain your observations
Part 1: Released in weeks 2 to 9 and weeks 11 and 12 and available from 10am Thursday to 10pm Saturday in those weeks. Part 2 is due Week 11 Friday, at NOON.
Feedback will be provided via Moodle in the Assessment block.
A comprehensive marking rubric covering grading criteria and allocation of marks to meet the learning outcomes is available in the Moodle Assessment block.
- 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 open book online timed exam of 3 hours, including downloading, uploading, and submission time.
There is a minimum exam grade of 50% to pass the unit.
You will be typing your answers in the examination template document provided.
This is an individual assessment. So collaboration with other students will result in an academic misconduct allegation for all students involved. This may result in a fail result for this assessment. Please note that your paper will be submitted through Turnitin.
You have 15 minutes at the start of the exam to download the exam file via Moodle.
You have 2.5 hours to complete the exam in Microsoft-Word.
You have 15 minutes to upload and submit the completed examination paper at the end of 2.5 hours. Late submissions will not be marked.
If you encounter problems submitting your paper to Moodle, email it to your unit coordinator by the due time.
Download the exam from Moodle Assessment block on the scheduled date and time.
Feedback will be provided via Moodle in the Assessment block
Open book online exam grading as per the Take Home Exam Advice to meet the learning outcomes. Refer to the Take Home xam Advice and Online Open Book Exam Instructions.
- 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?
