You need an SMSF Deed that keeps pace with legislative and common law changes. A lot of the sophisticated strategies are only possible if your SMSF Deed is up-to-date and written carefully.
The trustee of your SMSF is all-powerful. The trustee decides how much money you can put in the fund, who else can join, how your money is invested, how much gets paid out to you and when, and finally who gets what’s left over when you die. So how do you ensure the trustee of your fund continues to do the right thing when you can no longer be involved? There are a number of strategies you need to have in place
Do you want to be more strategic in your charitable giving, make a real impact on the community and create a lasting legacy as part of your family’s story? Private Ancillary Funds (PAFs) can be a great option to achieve these goals. To help you decided whether PAF is right for you, we’ve pulled together our answers to 5 questions we are frequently asked by those considering establishing a PAF.
Disputes involving executors of deceased estates are increasing. Usually, a trusted family member or friend appointed as an executor is just trying to do the right thing by their loved one. So, what are they doing wrong? Read on to find out how you must perform your duties as an executor.
Find out how our clients' step mother extracted over $1m from their deceased father's estate, leaving them with almost no inheritance - and how we fought to win it back.
The Government has announced a 'tax integrity' measure to 'improve' the taxation of testamentary trusts. What impact does this potentially have on your estate planning strategies?
It's relatively easy to get into property ownership with someone. But it can be considerably harder to get out. Particularly if you don't have a co-ownership agreement in place. Find out what court remedies may be available to you NSW if you find yourself stuck in a property.
In South Australia stamp duty is not payable on a transfer of real property from a trustee of a trust to a person who already has a defined beneficial interest in the property. For example, a transfer of property from the trustee of a unit trust to the unit holder. But there are a couple of tricks you need to be aware of.
A few judges and populist politicians have recently made some snarly comments about lawyers and ‘greedy’ people who are challenging Wills. Apparently, as a profession, we are getting a bit of ahead of ourselves in bringing too many of these cases to court. Read this article to get informed about the debate.
Everyone gets a $1.6 million cap on the assets that can support a tax-free super pension. You and your spouse each get a separate cap. But super pensions that pass to you from your spouse when they die may put you over your cap. This will have adverse tax outcomes. You need to plan for this as part of your estate planning.
If you're thinking of selling your business, we bet there are 2 key outcomes you are looking for: 1. Getting the highest purchase price possible; and 2. Being able to make a clean break from the business, so you can think about something else (and maybe even relax or take a holiday). These outcomes are both realistic and achievable, but it will take some planning before you put the business up for sale.
Most people who advise on testamentary trusts talk about the ‘tax benefits’. This emphasis is plain wrong. Why? Because, a simple Will (without a testamentary trust) is more likely to do harm, and to lead to family disharmony, than one with a testamentary trust.
A gift of property that is no longer in your estate when you die automatically ‘fails’ (or ‘adeems’). This rule can lead to unfairness and unintended consequences.
A key benefit of having your super in a SMSF is that you can choose who ultimately benefits from particular assets within your fund when you die.
What is, and what is not, in your personal estate? This may sound like a academic question not worthy of a lot of thought. However, if you are in estate planning mode, it is critical that you answer this question correctly.