Can Family Trusts override the Family Court?

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17/02/2018

Can Family Trusts override the Family Court?

Family Trust v’s Family Court As tax lawyers, Legal Consolidated structures clients’ affairs to legally reduce tax burdens. We are also asked to: consider asset protection if you or your business goes bankrupt or insolvent draft 3-Generation Testamentary Trust Wills to reduce the four Australian death duties put Divorce Protection […]
09/02/2018

Daughter charged with Elder Abuse. Best practice guide: for accountants, advisers and lawyers

  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 […]
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

Extend the vesting date of my trust?

Extend vesting date of my family trust? A trust at some point must vest. The trust must end after 80 years. This is based on ancient English law. The government does not want a trust to go on forever. This is because it may end up that no one is […]
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

Can an SMSF use its assets to pay a members’ superannuation benefit?

Using assets to pay superannuation benefits Can an SMSF use its assets to pay a members’ superannuation benefit?  Often an SMSF has plenty of assets but no cash. Or the member may want that particular asset. A non-cash benefit payment is called an ‘in specie benefit’.  So instead of paying the member in “cash” […]
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 […]