You are building two Tax Effective Mutual Wills. They each contain a 3-Generation Testamentary Trust. In the first instance, you leave everything to each other. After you both die, you leave everything to the same beneficiaries.
Not leaving everything to each other? Then build two separate single Wills instead.
The Wills protect your family from losing their inheritance from tax, bankruptcy and divorce.
Every year, Australian taxpayers voluntarily pay the government millions of dollars in ‘death taxes’. The 4 defacto death duties are:
Are you going to be one of them? Proper Estate Planning ensures that your estate goes to those you care about. Not the Tax Man.
Professor Brett Davies invented Testamentary Trusts in 1994. In 1997 he then invented the 3-Generation Testamentary Trust. The 3-Generation Testamentary Trusts’ additional advantages include:
After you and your spouse die your adult children pay 17% or 32% on your Super. That is a non-dependancy tax. It is on your concessional superannuation. Our Super Testamentary Trust, which you get in these two Wills, seeks to reduce this tax to zero.
The Divorce Protection Trust delays or stops any capital or income going to the beneficiary who is suffering from divorce or separation proceedings. It is designed to reduce the opportunity for the Family Court to get its hands on your money.
The Divorce Protection Trust sits dormant in the Will until needed. The Divorce Protection Trust activates for the benefit of the married person and that person’s children and grandchildren. It removes that person’s power to control the trust while they are suffering from the separation.
The Divorce Protection Trust benefits the current and succeeding generations. This helps protect the assets from the Family Court.
Adj Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
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