How did COVID-19 affect estate planning?
As the global pandemic continues to impact our lives, economy and health system, it is more important than ever to have an estate plan in place. At Ballantyne Law Group, our estate planning team can help you create an estate plan or review and amend an existing one.
7 Common Estate Planning Failures (and a simple way you can avoid them)
Estate planning allows you put in place strategies to pass ownership of assets, control of entities and decision making powers in the event of your death or loss of capacity. At its most basic level, estate planning deals with wills and powers of attorney.
Queensland Supreme Court highlights
The recent decision by the Queensland Supreme Court in Stewart v Stewart [2015] QSC 238 has highlighted the need for people who wish to make provision for beneficiaries to ensure that they regularly review, and where appropriate, update their estate plans.
Estate planning in Australia (Infographics)
Estate planning in Australia (Infographics) some interesting stats around Estate Planning in Australia. Learn more.
Calls to scrap CGT discount on family trusts
Every few years proposals are made about significant taxation reform on discretionary trusts (commonly referred to as ‘family trusts’). From the entity tax proposal of the early 2000’s, to the recent submissions made by KPMG to phase out discretionary trust access to the 50% capital gains tax discount.
Why you should see a lawyer about your estate planning
Most of us would rather be thinking about how to make or spend our money, rather than what will happen to it after we die.
Estate planning and superannuation
Superannuation is a critical pillar of Australia’s retirement income system. The Treasury Department considers that by 2018 it will be the most critical – estimating that age retirement benefits will exceed age pension outlays. Whether superannuation is held through a self managed fund, an industry fund or a retail fund, it is a critical part of a family’s wealth – monies invested in superannuation are today worth about $1.5 trillion, roughly the same as our GDP, with that number exponentially increasing.
Frequently Asked Questions – Testamentary Trusts
Commonly referred to as just ‘testamentary trusts’, wills incorporating one or more testamentary discretionary trust are an increasingly common feature of effective estate plans. Testamentary trusts offer similar advantages to family discretionary trusts for the beneficiaries of an estate. Essentially, they allow flexibility in the ownership and control of assets.
Business Succession Planning
Business succession deserves serious consideration yet, for many of Australia’s small to medium enterprises, this important phase of business planning remains unaddressed until it can no longer be ignored.
Your business successes came as a result of sacrifices, risk-taking, and much hard work. Congratulations are also in order now you’re thinking about your business succession.
Binding Death Benefit Nominations – the importance of getting it right
The Supreme Court of Queensland has again highlighted the importance of taking care when drafting binding death benefit nominations for superannuation funds.
