Asset Protection: But Who From? One afternoon, Gary was driving home from work. As he approached his house, he noticed a pile of material on the footpath outside his property. The sort of scene you see after a flood, when all your water damaged furniture is dragged onto the footpath ready to be transported to the local tip!
Earlier this year, I mentioned that if a New Zealand citizen intended to buy a Queensland property, it would be a good idea to obtain legal advice (before signing any contract) regarding the amount of transfer duty that might be payable.
At the Property Law Conference held in Brisbane last week, the Office of State Revenue clarified their approach to the treatment of New Zealand citizens.
One of the great advantages of having a SMSF is that the fund is able to buy your business premises, and then to lease the property to yourself (or the entity that conducts your business). If you (or a company or trust that you control) already own your business premises, you can sell the property to your SMSF – but only after obtaining professional advice & following the rules.
When you borrow money from a bank, they tend to be very pedantic. They go to great effort to verify your identity, scrutinise your assets, liabilities & income, and then prepare large & comprehensive loan documents. And yet despite these well established systems, sometimes it goes wrong & the banks lose - in today's example a $3,800,000 loss! When they lose, the bank examines what went wrong, & then refine their systems even more. Don't be surprised if your bank is even more pedantic than the last time you dealt with them.
Life can change in an instant when your future plans are pulled from under your feet! A relationship breakdown requires you to reconsider your plans & restructure your life. Whilst unwelcome, it is the perfect time to make changes to improve your life & protect your future. This is part 2 of a 2 part series.
Life can change in an instant when your future plans are pulled from under your feet! A relationship breakdown requires you to reconsider your plans & restructure your life. Whilst unwelcome, it is the perfect time to make changes to improve your life & protect your future. This is part 1 of a 2 part series.
Wills & Estates
Why Everyone should Upgrade to a Smarter Will
Smarter estate planning is not just for the wealthy
Even if all you own is your house/ apartment, you should still upgrade from a so-called 'simple' will to a more sophisticated will that properly protects your assets and reduces unnecessary tax.
As we age, many people decide to sell their house or apartment and move into a retirement village. If you find a village that appeals to you as a place to live, and you make an application, you will be provided with a very complex and challenging set of documents. At a time when older Australians might expect to encounter a system which has been tailored to their needs, they instead find themselves entering into a legal minefield of agreements, obligations and costs - including a significant limitation on their rights.
We've been waiting for 25 years, but it appears that the Queensland government may finally be about to improve the embarrassingly poor quality of Contracts for the sale of real estate.
The Commercial and Property Law Research Centre at the Queensland University of Technology is a specialist network of researchers with a vision of reforming legal and regulatory frameworks in the commercial and property law sector. The public can make submissions regarding their report up to 10 November 2017.
The Current Situation
The current process requires a Buyer to sign a Contract without the Seller disclosing the most fundamental of information which would directly impact upon whether (i) the Buyer would want to buy the property, and, (ii) at what price the Buyer would be prepared to pay for the property.
The contents of your parents’ Wills are none of your business. However, the risk of losing your inheritance means that there may be very good reasons for a discussion about your parents’ estate planning arrangements. No-one wants to appear too eager to discuss their inheritance, but it can be sensible to discuss future potential scenarios.
Whilst your parents may be very much alive and kicking and focused on spending your inheritance, they will want to ensure that whatever assets left behind are enjoyed by their children and grandchildren.
What are the Risks?
It’s common for parents to be unaware that some or all of their inheritance could be taken from their children.
Where a parent prepares a standard Will, their assets will be transferred directly to their child. The parent’s assets become their child’s assets following their passing.
When you meet with a lawyer to discuss your estate planning needs, the lawyer may need to verify that you have the mental capacity to make decisions regarding your personal and legal affairs. This doesn't mean that the lawyer thinks that you may not be of sound mind. What it does mean is that the lawyer is trying to protect you and your beneficiaries from having your wishes challenged by someone else at some future time!
During severe illness, you may be unconscious or otherwise unable to communicate your wishes - at the very time when many critical decisions need to be made. You have the ability to help your family make critical decisions about the medical treatment you receive - and ease the emotional trauma encountered when making life and death decisions.