It is important to think about the potential tax issues that could arise upon your own death. A little bit of planning can save the family lots of...
A will can be revoked only by a testator (will maker) with testamentary capacity. Others cannot revoke the will - even by destroying it. An...
When a person leaves a gift to 2 of more people under a will, unless specified otherwise the gift is to then as joint tenants – generally. To...
When making a family trust election (FTE) careful consideration should be given to the potential future estate planning effects, especially on the...
What happens if a parent has let an adult child use their home as security for the child’s loan and then mum dies? The guarantee would have...
I have encountered a few people who were beneficiaries of an informal trust set up under someone’s will. It goes something like this: I want to...
Terry has shared his wisdom here about tax evasion at the time of death with CGT benefits on two properties and more. Here are some more taxation...
When a joint tenant owner dies their share of the property passes to the other surviving owners. There is no opportunity to deal with the property...
Where a person inherits a property which was the main residence of the deceased at the time of their death, and it was not income producing at the...
When making a will you should consider what could happen to your estate if your children die before you. Most people don’t want to consider this...
Tax Tip 242: Pre CGT Assets and Death PreCGT assets are getting rare these days. These are assets purchased prior to 20 September 1985 which is...
I recently posted about how a property can be passed on with any CGT liability wiped out if it is the main residence of the deceased person at...
Loans can be great tools in estate planning. One strategy is the gift and borrow back which I have described at Legal Tip 115: The Gift and...
Under s118-150 ITAA97 a person can claim the main residence CGT exemption for up to 4 years prior to occupation of a house being constructed once...
This is a more detailed version of a previous post first written in May 2016: Legal Tip 131: Legal Tip: Estate Planning Implications of Bucket...
The biggest downfall with discretionary trusts is that the assets of the trust cannot be passed on via the will of the person that controls the...
I have been offered a contract for a purchase which includes a ‘record of death’ clause:- 'a. This contract is subject to and conditional upon...
The executor of an estate has fiduciary duties to maximise the estate of the decreased. There can be conflicts of interest where someone is both...
Company owned assets cannot be gifted by a person’s will. This is because they don’t own the assets, the company does. However, if the person owns...
Legal Tip 184: Contracts and Death Generally, when a person dies their Legal Personal Representative will be bound by any contracts that the...
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