Death can make trustee resolutions impossible, and this can result in the trust income being taxed at the top marginal tax rates. Example...
Trusts are private affairs, the trust assets don’t pass via the will, and even the control of the trust doesn’t pass by will (except as a backup...
When a person dies their assets pass on, this includes assets that they beneficially own but don’t legally own. An example of this would be the...
A person’s will cannot direct what the trustee of a superfund does with a persons superannuation benefits upon their death. But there is a chance...
Dying doesn’t get you out of a contract. If a person dies they are still legally bound to pay their debts. The debts will be payable out of the...
Some people have no family, no relatives at all. No parents, grandparents, children, grandchildren or aunties or uncles etc. If such a person were...
When a person dies their assets pass via the will or the intestacy laws. Where there are bank accounts involved the cash in these will pass also....
Different Tax File Numbers or TFNs are needed when someone dies. The deceased will need to do their tax return up to the date of death (LPR does...
When people get married, they remain married until a divorce is finalised. Without the divorce they are still spouses even if they don’t live...
Yes, the dead have to pay tax too! After someone dies, they have to file a tax return up to the date of their death. They will get their normal...
The trustee of a trust generally must make one or more beneficiaries presently entitled to income of the trust prior to 30 June each year. This is...
The trap for old players is if 2 people purchase a property in say 1980 and then one of them dies the other might inherit the share of the other –...
There is a CGT trap for young players whose shares pass to non-residents upon their death. The issue is CGT event K3 is triggered. Generally,...
I don’t blame you if you don't want to act as executor! Some people nominate family or friends to be the executor of their estate when they die...
It is best to avoid having a non-resident executor of your will. There are 2 main reasons which are a) Taxation, and b) Practicality A...
When someone dies their superannuation benefits (death benefits) have to come out of super and can only pass to their estate or their dependants....
Imagine this: Homer dies in the kitchen and Marge finds his will. She reads it while waiting for the ambulance and finds that he has left a...
Tax Tip 289: CGT on Inheritance left to one person when put into different names Sometimes people don’t realise what they do will have tax...
Who has the power to decide how someone’s funeral will be arranged? Ordinarily, the named executor or executrix has the right to arrange for...
There is a legal concept known as ‘estoppel’. It is very complex and comes in many forms, but it basically involves claims made for broken...
Separate names with a comma.
