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Many assets do not go into your Will at death. These assets do not go into your Will: Joint tenancy Superannuation (unless you have a binding nomination ) Cross-owned insurance Family Trust assets (except for loan accounts and Unpaid Present Entitlements ).…
You would have thought it was straightforward to change the Trustee of a Self-Managed Superannuation Fund. Not so you if you read Moss Super Pty Ltd v Hayne [2008] VSC 158. A member died. The surviving member tried to change the trusteeship of the SMSF. She…
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…
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,…
Everett’s assignments do not work. Instead, consider a Service Trust to overcome the Personal Service Income rules. Because of Personal Service Income rules ( PSI ) it is hard for professionals such as accountants , lawyers, doctors and dentists to share…
Some States do not like your trust to do forever. (Legal Consolidated SMSFs Deeds and Variations, since 1988, have always been able to go forever.) Some states inflict the trust's death on the 80th anniversary of the trust. However, Queensland Legal…
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…
To operate a complying Australian Self-Managed Superannuation Fund, you must usually: 1. live in Australia; and 2. be of sound mind. 1. Leave Australia : Your Self-Managed Superannuation Fund must satisfy several residency tests. One of those tests is that…
