Blog
The Second Generation: Family Trusts and Estate Planning
Family trusts can be a valuable tool to build and protect cross-generational wealth. They have key asset protection, income flexibility and taxation advantages, providing benefits to family groups for many years. Trust assets require particular care as the trust does not cease on death of the controlling individual and the assets do not automatically form…
Failed Granny Flat Arrangements
A granny flat arrangement typically involves an older and younger generation making commitments for shared accommodation. Commonly they involve younger members of a family promising to care for and support an older family member whose ability to live independently has diminished
What Rights does your former spouse have to your estate?
For most people, the end of a relationship is a very emotional and stressful time. Most people will seek family law advice to finalise the division of property and assets between them. However, many will fail to seek legal advice to update their estate planning documents.
Why is the meaning of child for super and tax purposes important?
The effect is that a child of the person’s spouse also automatically qualifies as a child of the person, without needing to be an adopted child or stepchild of the person.
Super death benefit claims where there is no binding nomination
Where there is no binding nomination at the date of the member’s death, the fund’s governing rules will often adopt the standard for payment of the death benefit contained in Superannuation Industry (Supervision) Regulations, cl 6.22, which confers a discretion on the trustee of the superannuation fund to pay the member’s death benefit in favour…
Procedural Fairness, Unfair Dismissal and Employment Law
As a part of the practice of employment law, it is often the case than an employee who has been dismissed complains that they were not afforded ‘procedural fairness’. Often the argument will be that their employer, in the process of formulating its decision to dismiss the employee, failed to give the employee a genuine…
Small Business Restructuring Process
On 1 January 2021 some of the most significant changes to insolvency law in three decades were introduced following amendments to the Corporations Act. The new laws allow small businesses the flexibility to restructure their debts whilst allowing directors to remain in control of the business. The new laws also provide for a new simplified…
Elder Law & Succession – Apportionment of Dividend
By her last will Vivienne Ross gave her shares and other interests in any companies to Hopi Markin. At her death in April 2017 she owned shares in Mia Rosart Pty Ltd. In August 2017 that company declared a dividend totaling $3 million with Ross’s portion being $1.5 million.