Property & Estate Planning Lawyers
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LATEST NEWS AND POSTS
This week, property owners are receiving the Annual Land Valuation Notice from the State Valuation Service.
Many people won't pay much attention to the Notice as it's only a valuation of property you own. The Notice doesn't require you to pay any money.
The problem is that the valuations are used to calculate the Land Tax that you will pay in October. And if the valuations are unreasonably high, you have to take action now. Any objection has to be lodged by 8 May 2018.
It's worth taking this issue seriously. One government agency is determining the value of your property so that another government agency can send you a bill based solely on their own assessment.
Earlier this week, clients sent me a Land Tax Assessment Notice for $18,000. Their family trust owns an impressive house, which they rent out.
They intend to move into the house as the family home. Bearing in mind that land tax is an annual charge, which usually increases each year - they wanted to know whether the land tax could be avoided.
Today's article provides some good news, as it explains the circumstances where Land Tax won't be payable on a family home owned by your family trust. You can enjoy the asset protection benefits of a Family Trust without paying the ever-increasing burden of annual land tax payments.
Most people own their home in their personal names & enjoy these financial benefits: ◦lower (or no) Transfer Duty ◦no Land Tax ◦no Capital Gains Tax
However, asset protection is becoming more important to many people, and they avoid owning assets in their personal names. The problem with owning your home in your family trust is that you lose these 3 major financial benefits.
When someone passes away, family members and interested parties may want to obtain a copy of the Will.
Often, someone will be told that they are not entitled to see the Will or receive a copy of the Will - even when they are legally entitled to the document.
Today's article clarifies who is entitled to be provided with a copy of a Will.
Last week I received a phone call from a young man who was very disturbed at being told that he would not be provided with a copy of his father's Will. His father had remarried, and the new wife was the Executor of his estate - after he died prematurely following an accident. His father had previously reassured his son that he was well looked after in his Will. I could understand his real concerns about the behavior of his step-mother. He's heard all the stories!
We have previously spoken about the substantial financial benefits available to families when planning their financial affairs.
Today's article provides more examples of the potential financial benefits which are easily available to families who implement simple estate planning arrangements.
When a person passes away, any capital gain they made in respect of an applicable asset that they owned is disregarded, UNLESS the asset passes to a beneficiary that is an "exempt entity", such as a foreign resident.
This means that, where an applicable asset passes directly to a foreign resident - as usually occurs in a 'simple' Will - Capital Gains Tax is triggered.
That Capital Gains Tax can be overcome by passing the applicable asset into a Testamentary Discretionary Trust created in your Will.