Your Tax effective Single Will gets your assets to your family. Not the tax man.
And to the tax man I leave...
Every year, Australian taxpayers voluntarily pay the government millions of dollars in 'death taxes'. The 4 defacto death duties are:
- Capital Gains Tax
- Stamp Duty
- Income tax
- up to 32% in non-dependency Superannuation tax
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.
3-Generation Testamentary Trusts
Professor Brett Davies invented Testamentary Trusts in 1994. In 1997 he then invented the 3-Generation Testamentary Trust. The additional advantages over the Testamentary Trust include:
- better tax advantages
- generally, pay no tax on the estate income for 80 years
- works for three generations: spouse, children and grandchildren
- discretionary of nature: a beneficiary can choose not to set up any trusts
- wind up when no longer required
- each beneficiary gets their own 3-G Testamentary Trusts
- the children when acting unanimously can divide up the class of assets differently. Sa you have $1m in shares, $1m in property and $1m in cash. One of your children takes all of the shares. The other the property. The remaining child takes the cash. There is no CGT and stamp duty.
32% Tax on Super - Superannuation Testamentary Trust
After you die your adult children pay either 17% or 32% non-dependancy tax on your concessional super. You get a Super Testamentary Trust in your Will. It seeks to reduce the tax to zero.
You are building a Tax effective Single Will online. It contains:
- 3-Generation Testamentary Trusts - reduces tax for up to 80 years after you die
- Superannuation Testamentary Trust - reduces the 17% or 32% tax on Super going to adult children
- Bankruptcy Trusts - if a beneficiary is bankrupt
- Maintenance Trust - where beneficiaries under 18 years of age or unstable
Your Will gets all four trusts, automatically.
For legal advice telephone us. We are a law firm. We can help you answer the questions as you build your Will.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
Australia wide law firm
Mobile: 0477 796 959
National: 1800 141 612