a series of wills and codicils and a complex restructuring of family investments provides some simple but important lessons on witnessing documents and incapacity for SMSFs, says an industry lawyer. The case of Lewis v Lewis [2020] NSWSC 1306, heard by...
holding costs for the land. Meanwhile, consider The Crown Family Super Fund, an SMSF, owns vacant land which is rented to the son of a fund member who uses it in his farming business. “As the son is carrying on a business to earn assessable income and...
the binding nomination had been made by a husband leaving 50 per cent of his self-managed super balance to his second wife. A son from the deceased’s first marriage challenged the nomination, arguing that it didn’t comply with the terms of the trust...
and executrix of his estate, against the decision of the AFCA to uphold a BDBN to benefit the de facto spouse of her late son which determined that the entire death benefit of $1.122million be paid to the de facto partner, to be funded out of life...
20 years ago, but in the subsequent time frame it’s provided people with this angle that subject to us having a close personal relationship and living together, if we all do the housework and we look after each other, we can effectively say that we are...
exemptions.” The facts of the case outlined that in 2004, a superannuation fund was established with Imbree and his son as trustees. Imbree was the only member of the superannuation fund and rolled over existing superannuation funds as well as making...
in the estate was held to be incorrect,” Burgess said. “The court specifically noted that the question of whether a person or entity acts as trustee or in some other capacity is relevant to the internal question, as between trustee and beneficiary, as...
estate planning? Succession planning is about control. Good succession planning ensures the right assets go to the right person at the right time. But what is the difference between succession planning and estate planning? Succession planning is about...
Type:
Article
Author:
Nicholas Ali, Executive Manager - SMSF Technical Support
The case of Dawson v Dawson [2019] NSWSC 826 shows how important estate planning and appropriate deed wordings are, particularly in blended family situations, says an industry expert. David Busoli, principal of SMSF Alliance, said the case highlights...
Margaret Williams (Margaret). Margaret passed away in 2014, leaving the Deceased Member as a widower. The Deceased Member’s son Paul Francis Williams (Paul) replaced Margaret as a trustee. In 2019, the Deceased Member remarried a new wife. (It was this...
who controls the SMSF and if something happens to my partner, he passes it off as he wants to, without fighting with me or my son about how things should go,” he said. “One of my favourite sayings is ‘I never thought it would happen in my family’...
a form that would operate through Amazon’s Alexa. I already had the calculators and code (in JavaScript) with help from my son, Andrew, who is a very good coder. “We started using Alexa to test it, and Amazon was very supportive. I was a little...
other professional advisers are involved as explained in the case of Lewis v Lewis [2020] NSWSC 1306. “This case involved a son who prepared a will on behalf of his mother,” Mr Burgess said. “Realising that if he was one of the witnesses he would likely...
challenges for willmakers. Firstly, the willmaker must now consider the risk of the beneficiary – perhaps the willmaker’s son or daughter – becoming divorced in future, and their ex-wife or ex-husband potentially walking away with a large share of the...
Type:
Article
Author:
Nicole Woodward, head of trustee services, Australian Unity
lump-sum payments were withdrawn from the fund's cash account during 2020-21 and payments were received into the member's personal bank account. In an email in 2023, the executor of the member's deceased estate stated the distributions had been paid in...
dependent on their deceased sibling the Tax Office confirmed as follows: A 'financial dependant' is considered to be a person to whom another person contributes all or a major amount of necessary financial support. If the level of financial support is...
before his death. The deceased was survived by three biological children, as well as his companion, Joanne Lee Fryer, and her son, Sebastien William Kladnig, who was treated in the will as one of the deceased’s children. The deceased had assets...
was that the woman who found the text message received nothing from the estate,” Burgess said. “The deceased’s estranged son also received nothing. Both of these people would have received assets under the intestacy regime had the text been shared, or...
of intergenerational wealth in an SMSF needs to have a family buy-in, an expert adviser has said. Liam Shorte, director of Sonas Wealth, said in his experience that people who bring their children into their SMSF come from cultures where they are used...
Anthony Vincent Williams died on 28 December 2021 and was survived by the applicant, whom he married in 2019, and his adult sons Paul Francis Williams and Mark Anthony Williams. In the will he executed in 2020, the deceased appointed Mark Williams as...
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