in May 2017, provided that his residuary estate be distributed in equal shares to the applicant, his former partner and the son of his former partner, the third respondent in the case. While the deceased had made a nomination for his estate to be the...
of providing for the members’ retirement or to support their families if they die. Businesses are set up and run for many reasons and it won’t always be obvious that the sole purpose test lies at the heart of all decisions the trustee (as the business...
can use property that is owned by an SMSF for private or residential purposes from the area set aside for residential or personal use and is not permitted to be any more than 2 hectares (approximately 5 acres),” he noted. “However, anyone who considers...
that his residuary estate be distributed in equal shares to Jing Wan, the applicant in the case, his former partner and the son of his former partner, the third respondent in the case. While the deceased had made a nomination for his estate to be the...
getting divorced and the parent of one of them has lost capacity and that parent has low life expectancy, then the other person [in the divorce] can drag the future inheritance into the family law dispute even though the [mother] or [father] is still...
A decision by the Supreme Court of Victoria relating to testamentary capacity has some important lessons for advisers in the SMSF space, says a law firm. The decision, Re Maddock; Bailey v Maddock [2022] VSC 346, involved the deceased estate of Norman...
asked them about whether they’ve received advice about CGT and stamp duty and they’ve said ‘but I’m giving the property to my son there can’t be stamp duty’. It wasn’t enough to say ‘there’s other things you should get advice on later’, I had to say ‘go...
a witnessing approach is all about?” he said. “There is some concern that we could have some kind of elder abuse where the son or daughter or whoever is sitting there clicking through for Mum or Dad or so forth. However, you could equally argue that...
a discretionary trust established by a father as a sole individual trustee, with immediate family members including two sons as potential beneficiaries and one of the sons as the sole nominator. This son had the ability to unilaterally change the...
lawyer made a will for his mother and arranged for her to sign it without witnesses present. When the witnesses arrived, the son told them that his mother had already signed the will and gone to bed and said, ‘this is not the right way to witness the...
has described as a “first of its kind”, was handed down by the Supreme Court of Queensland this month. James McIntosh, son of Elizabeth and John, died in July 2013 without a surviving spouse or children and without a valid will. Elizabeth and John are...
where there is little notice that the rollover will be occurring. “Imagine having a client ring up and say, ‘look, my son wants to roll out, can you have these interim accounts done in three days’ time?’ The vast majority of us have plenty of work on...
all and no estate is formed. This is rare. “It might be even worse if the BDBN required the super to be split between (say) a son and a brother. Then only some of the instructions are valid. What does the trust deed say about that? If the BDBN can’t be...
has become an emerging practical strategy to consider for investors and related SMSFs. In a recent update, Warren Gibson, head of marketing at DomaCom, said that recent Digital Finance Analytics had revealed that 60 per cent of first-time home buyers...
component,” Ms Steed said. For example, consider Amos, who is 70 and retired five years ago. His only dependent is his adult son Marci, and Amos’ super balance is $800,000, and before he started his pension, he did a recontribution strategy. “He’s got a...
sector needing a director ID. Other individuals will also be required to register for a director ID when acting as legal personal representative (LPR), and this includes situations of incapacity, EPOAs, and overseas absence. From the first year of...
it can bring but, equally, its downsides. Speaking at the Cooper Grace Ward Annual Adviser Conference, partner Clinton Jackson said that, realistically, in their view, the best sort of fund membership structure is still to keep it at the one- or...
to the total market rate after 24 months. Unfortunately, this arrangement was a related-party lease between father and son, providing no level of comfort to the SMSF auditor. As a result, the report could not be relied upon as audit evidence, and the...
the entirety of Morris’ benefit to herself rather than dividing it equally between herself, Jeremy and Jane. The reason for this was that the SMSF deed had strict requirements for documenting how the entitlements would pass to beneficiaries which the...
that the decision to make a binding death benefit nomination is a financial matter and can therefore be made for a person by their administrator. The recent case of Re SB; Ex Parte AC [2020] QSC 139 involved a woman who was left paralysed after a motor...
Login
