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27/02/2018

Lost Will vs Destroyed Will

  A ‘lost’ Will is not automatically a ‘revoked’ Will – lost vs revoked A Will is valid until it is intentionally revoked by the Will-maker. (The Will-maker must be of sound mind to revoke a Will.) A person holding a POA for the Will makers cannot destroy a Will. But […]
26/02/2018

Appointor gone crazy? Family Trust succession planning

Family Trust succession planning Many assets don’t go into your Will at death: joint tenancy, superannuation (well not automatically), cross-owned insurance and Family Trust assets (except for loan accounts). Succession planning for the Family Trust is the most challenging. What happens if the Appointor does not die but becomes of […]
19/02/2018

When can’t you change a SMSF trustee?

Use a law firm’s website to update SMSF Deeds You would have thought it was straightforward to change the Trustee of a Self-Managed Superannuation Fund. Not so you if you read Moss Super Pty Ltd v Hayne [2008] VSC 158. A member died. The surviving member tried to change the trusteeship of the […]
17/02/2018

Can Family Trusts override the Family Court?

Family Trust v’s Family Court As a tax lawyer, I structure clients’ affairs to legally reduce tax burdens. I am also asked to: consider asset protection – in case the client or one of the structures goes bankrupt or insolvent stop the Family Court taking assets if there is a […]
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 […]