5 things to consider when preparing or updating your incorporated association’s rules
If you are involved with an incorporated association or considering setting one up, then chances are you have come across the term ‘model rules’.
Did you know that you do not have to use the model rules? Incorporated associations can choose to write their own rules.
Here are 5 things to consider when preparing or updating your incorporated association’s rules.
A landmark win
Find out how our clients’ step mother extracted over $1m from their deceased father’s estate, leaving them with almost no inheritance – and how we fought to win it back.
A rant on challenging Wills
A few judges and populist politicians have recently made some snarly comments about lawyers and ‘greedy’ people who are challenging Wills. Apparently, as a profession, we are getting a bit of ahead of ourselves in bringing too many of these cases to court. Read this article to get informed about the debate.
Yes, you do need a testamentary trust
Most people who advise on testamentary trusts talk about the ‘tax benefits’. This emphasis is plain wrong. Why? Because, a simple Will (without a testamentary trust) is more likely to do harm, and to lead to family disharmony, than one with a testamentary trust.
What happens to a gift in your Will if you no longer own the asset when you die?
A gift of property that is no longer in your estate when you die automatically ‘fails’ (or ‘adeems’). This rule can lead to unfairness and unintended consequences.
How to direct particular super assets to particular beneficiaries
A key benefit of having your super in a SMSF is that you can choose who ultimately benefits from particular assets within your fund when you die.
What do I need to know about setting up a Public (or Private) Ancillary Fund?
An ‘Ancillary Fund’ is a special type of trust that can be used to collect and distribute donations for charitable purposes. The Fund can be set up through a trust deed while you are alive, or through your Will. Importantly, the Fund does not undertake charitable work itself, but can be used as a collection point to pool donations and then distribute them to charities and causes, as decided by the trustees.
I want to set up a charity to raise money for people overseas. Where do I start?
If you want to do charitable work or raise funds to help people living overseas, you should carefully consider your options to make sure your aid is targeted to where it’s most needed.
“Show me the money!”: Tread carefully with loans to children
People are more aware – and wary – than ever of family law issues in relation to their assets. More and more couples seek binding financial agreements to protect their assets, or put off living together or marrying to minimise their financial exposure.
‘UPEs’ and ‘FMDs’, and your estate planning
What is, and what is not, in your personal estate? This may sound like a academic question not worthy of a lot of thought. However, if you are in estate planning mode, it is critical that you answer this question correctly.