Wills & Estate Planning Archive

Philanthropic trusts for all

Philanthropic trusts for all Increasing numbers of clients are expressing interest in establishing some form of trust fund for philanthropic purposes – either during their lifetimes as part of a family project (e.g to commemorate a deceased family member) or by way of Will upon death.  Different options for achieving family philanthropic outcomes The tax […]

Protective trusts & special disability trusts

In Will preparation and estate planning generally, particular consideration should be given to the possible establishment of protective trusts and Special Disability Trusts (SDTs) for any family members who are vulnerable because of, e.g: serious/significant physical disabilities; mental illness; gambling, alcohol or drug addition; spendthrift tendencies. If a potential beneficiary does have a serious disability, […]

Binding Death Benefit Nominations for your super fund – what you need to know

Unless the super fund entitlements arising on your death (Death Benefits) are properly dealt with, your Will cannot direct to whom those Death Benefits will pass. Usually the super fund deed gives the trustee a broad discretion as to how a member’s entitlements can be dealt with on that member’s death. However the trustee’s view […]

Executors of wills – risky business

Acting as an executor is burdensome – the numerous duties that an executor is required to perform must be carried out in a timely and proper manner.  It involves much more than organising the will-maker’s funeral or ascertaining the identity of beneficiaries.  An executor has to take steps to ascertain the assets and liabilities of […]

So You Don’t Need To Make A Will? Think Again!

Don’t make the mistake of thinking that you don’t need a valid and binding Will. It is surprising the number of people who don’t have a Will.  When asked why, the answers are quite varied – “I don’t have the time”; “only old people need a Will”; “If I make a Will I might die”; […]

Revenue aspects of testamentary trusts

This is a paper delivered by Tony at the Law Institute of Victoria’s Succession Law Conference on 9 September 2011. It deals with some of the more important incomee tax, cappital gains tax and Victorian stamp duty issues arising out of the operation of discretionary trusts created by Wll.

Estate planning – wills & family trusts

Geoff and Janet are “baby boomers” who have accumulated substantial assets in their own names. They also have a family discretionary trust which holds two investment properties and a ski flat. The trust has a corporate trustee. They made their wills 20 years ago, leaving everything to each other and then to their three children […]

Passing the baton -trusting into the future

This is a paper delivered by Tony to the National Division of the The Tax Institute at the Sheraton Noosa on 19 August 2010. It analyses in some detail with the issues surrounding the fact that assets which are held in family trusts cannot be properly disposed of by will and suggests alternative mechanisms for inter-generational transfer.

Note that since this paper was delivered, the Federal Court decision in Clark’s case was upheld on appeal by the Full Federal Court and the Commissioner of Taxation’s request for leave to appeal to the High Court was rejected.