Testamentary Trusts Are About Protecting Family — Not Just Tax
Much of the public discussion surrounding the Federal Government’s proposed tax reforms has focused on negative gearing, capital gains tax, and discretionary trusts. However, one of the more important conversations occurring amongst lawyers, accountants and financial advisers is about testamentary trusts and the continuing importance of proper estate planning. While the Government has indicated that […]
The Proposed 30% Minimum Tax on Trusts – What Business Owners and Families Need to Know
The Federal Government’s proposed introduction of a 30% minimum tax on discretionary trust income has become one of the most widely discussed aspects of the current tax reform agenda. For decades, discretionary trusts have been widely used by Australian families, business owners and investors for: If enacted in its current form, the proposed reforms may […]
Testamentary Trusts are Rarely about Tax
Most parents don’t set up Wills incorporating testamentary trusts to save tax. Most don’t even know about the possibility. They set them up to protect their children. Testamentary trusts are commonly used to help protect inheritances from: • divorce and family law disputes • bankruptcy and creditors • addiction and gambling • vulnerable relationships • […]
What happens when someone wants to challenge a Will?
A Will is a legally binding document that outlines someone’s wishes in relation to the distribution of assets after they pass away. In some circumstances, family members or other dependents of a deceased person believe they have the right to contest a Will and in some cases they may be legally able to do so. […]
How and where to store important Will and Estate plan documents
It happens quite a lot; someone passes away and their loved ones are called on to help execute the Will and estate plan. Then the question arises: Where are all the relevant records and documents? While making a formal Will and estate plan is important, you also need to make sure they are easy to […]
Does your Will include your crypto investments?
Investing in cryptocurrency has become increasingly popular in recent years and some savvy individuals have been able to use this new strategy to grow their wealth. If you have been active in this area, it’s important to include your crypto assets in your Will. Your legal team and beneficiaries need to be aware of your […]
Estate Planning and Property: What You Need to Know
Estate planning is a crucial part of preparing for the future, and one of the key components is considering how any property you own or are paying off should be factored into your Will. As estate planning lawyers, we frequently help individuals and couples to ensure their home is either retained by the right people […]
What to do if the Executor of a Will is no Longer Alive or Capable
Settling the estate of a deceased person is made so much easier when there is a legal Will, but there are unfortunately still problems that can throw a spanner in the works. One issue that can greatly complicate things is if the executor of the Will dies or is incapacitated. Not having an executor can […]
Updating Your Will After a Separation or Divorce
It’s not a secret that getting divorced is a stressful and emotional time. While the priority that most people deal with is the division of assets, it is also important to update your Will. You want to make sure that your assets go to the people you care about in the event of your death […]
What Does a Trustee Do When an SMSF Member Dies?
This article explains what happens when a member of a self-managed super fund passes away, and how the trustee is involved with distributing money to beneficiaries. What happens when an SMSF member dies? If someone who has a self managed super fund dies, the money in the fund will be passed to someone else. It […]