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.
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.
Telephone us for legal advice in answering the questions. We are a law firm.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors, Australian law firm
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