Are tailored BDBNs the magic bullet for SMSF estate planning?

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A tailored BDBN is one which is subject to special conditions which can make it useful to deal with various modern estate planning issues. One common condition is to impose a “cascading” succession of nominees in case the primary nominee fails to survive the fund member or fails to remain an eligible recipient of the death […]

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Family trusts more important than ever

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Family trusts have always been an important structure for business planning, tax planning and estate planning. This is mainly due to their tax efficiency, asset protection, flexibility and succession possibilities. But now, family trusts are increasingly being used for retirement planning purposes since the Government introduced more measures to limit the ability to make both […]

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Townsends Law response to the Opposition’s comments on discretionary trusts

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To say businesses or families are using family trusts in order to evade tax is absolute nonsense. Overwhelmingly, they use trusts for two main reasons, firstly, for legitimate asset protection. Without trusts we would see a lot less entrepreneurship and risk taking by Australian business. Secondly, for business succession and estate planning. Owning assets in […]

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BDBNs and life insurance in super: beware the transfer balance cap trap

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Strategic estate planning is key to ensuring flexibility in crises. Although you may not consider yourself at risk of exceeding the transfer balance cap following 1 July 2017, you may in fact be at risk, irrespective of your own superannuation account balance. One of the most important aspects to consider in light of the introduction […]

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DIY Wills are not the same as DIY Super

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The courts are littered with examples of ‘do it yourself’ Wills that have gone wrong. It doesn’t matter how simple you think your Will is – even smart people like a retired ANU Professors can and do get them wrong. As a result of the ambiguities in the deceased’s Will, and notwithstanding that he was […]

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Estate equalisation by courts not so straightforward

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In a 2015 court case a claim by the daughters of the deceased for an equal share of his estate was dismissed. It was taken that the daughters had been fairly treated even though their brother inherited significantly more. This sounds like a legal decision from another century but it seems that fair and equal […]

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Key issues in estate planning using trusts

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A look at two important family trust issues that advisers may come across in establishing or managing the workings of a client’s estate planning using trusts. Issue #1: Who should be the Appointor of my Family Trust? When completing an instruction form for arranging a new family trust for a client, it is very likely […]

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Who should be the Appointer of a family trust?

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When completing an instruction form for arranging a new family trust for a client, it is very likely that the form will ask the question – Who do you want to be the “Appointor” of the trust? It’s a very important question, because typically the appointor is the person who has the power to “hire […]

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Did you know that the terms of a Will can be changed – or even ignored?

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If the deceased’s Will conflicts with the family’s current circumstances or with the wishes of the beneficiaries they can take steps to change it. There are many reasons why such a disconnect could arise. There are many reasons why the terms of a Will can be changed: The deceased’s Will could be out of date […]

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Loan vs Gift? – the right way to help out your kids

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We all know that life’s pretty expensive living in Australia these days – especially if you have a hankering for buying residential real estate in a capital city. Plus, if you are “lucky” enough to get into the real estate market, that usually means that you’ve signed yourself up for an enormous mortgage for the […]

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