What happens if we all die together?

Disaster Clauses in Wills Q: What happens if we both die and all our children die with us? A: You have young children who travel with you. The car rolls over and you and your spouse, together with your children all die together. When you have young children select...

Risks of including gifts to Charities in Your Will

  Lost tax benefits when leaving Gifts to Charities Specific Gifts are problematic more so when you include charities in your Will. Rather than making a Specific Gift in your Will, consider making the charity a Residuary Beneficiary: leaving the rental property...

Guardians and Executors in your Will when your child is under 18

What is the difference between an executor and a guardian? Executor: In a Will, the ‘executor’ carries out the instructions in your Will.  The executor administers your estate. The executor sets up the appropriate trusts. Guardian: A guardian looks after...

Specific Gifts in Wills are dangerous and complex

  Should I put Specific Gifts in my Will? Your Will needs to be clear and legally enforceable. Specific gifts in a Will add complexity and tax issues. What are Specific Gifts in Wills? Specific Gifts are gifts of a particular item of property to a specific...

Courts keep saying Gift & Loan-Back schemes don’t work

Business owners, company directors, and professionals like dentists and engineers face financial risks due to their work and responsibilities. Their vulnerability to bankruptcy is heightened by exposure to liability, unpredictable market conditions, and the risks of...

Papua New Guinea’s Tax System for Australians

Navigating the Tax Landscape: A Guide to Understanding Papua New Guinea’s Tax System for Australians PNG tax system – an Australian perspective This guide aims to provide Australians with an in-depth understanding of the tax system in Papua New Guinea...