PRUDENCE - Sagacity. Wisdom. Protection.

09/02/2018

Daughter charged with Elder Abuse

Daughter charged with Elder Abuse James Ash is in his mid-70s.[1] Living in a Victorian nursing home, he suffers from Parkinson’s disease. Before losing mental capacity, he appoints his daughter, Vanessa, as his Power of Attorney. Vanessa is a financial planner and a lawyer. Shortly after, Dad is declared mentally incompetent. […]

25/01/2018

ASIC warns of ‘cutting corners’ on death nomination forms

ASIC warns financial services licensees against 'cutting corners' on death nomination forms The Australian Securities and Investments Commission (ASIC) is putting the financial advice sector on notice about meeting requirements for witnessing signatures. This is after finding issues with advisers failing to correctly witness binding death nomination forms for superannuation […]

19/01/2018

Everett’s assignments out. Service Trusts in.

Because of Personal Service Income rules (PSI) it is hard for professionals such as accountants, lawyers, doctors and dentists to share profit with their spouse and Family Trust. The problem is that the professional earns, say, $200k profit - paying tax at almost 50 cents in the dollar. The spouse […]

10/01/2018

Can I extend the vesting date of my trust?

Can I extend the vesting date of my trust? Based on old English law the government does not want a trust to go on forever. This is because it may end up that no one is looking after the assets in the trust. Therefore, in all States, other than South […]

09/01/2018

Married man marries sex worker

The songwriter Richard Clapton, in 1975, warned: Girls on the avenue, they're trying to get you in, Strolling by with their rosebud smiles. Sadly, Mr Sha didn't heed such advice. While living with his wife, in Melbourne, Mr Sha engaged the services of a young lady with a 'rosebud smile'. While […]

08/01/2018

Transfer assets from SMSF to yourself when you retire?

Using assets to pay superannuation benefits. Self Managed Superannuation Fund (SMSF) trustees often ask whether they can use assets belonging to their SMSF to pay their members’ superannuation benefits. SMSFs trustees who contemplate doing this are trustees for SMSFs which are usually asset rich but cash poor. The term used […]

11/09/2017

New profit centre for Accountants and Financial Advisers: Setting up a business structure

New profit centre for Accountants and Financial Advisers: Setting up a business structure This week is you setting up business structures for your clients. We have seen a 400% increase in Family Trusts and Unit Trusts being built on our website over the last 12 months. Baby boomers are refusing […]

25/08/2017

New profit centre for Accountants and Financial Advisers: Estate Planning

New profit centre for Accountants and Financial Advisers: Estate Planning I hope you enjoyed last week's new area of practice: updating SMSF Deeds. This week's new profit centre is Estate Planning. Some people incorrectly believe that Estate Planning is about a lawyer making a Will. I have prepared an […]

PRUDENCE – Sagacity. Wisdom. Protection.

Register here to receive our PRUDENCE newsletter