Less of the two certainties in Life?
We are all going to pass away but is it possible to escape some of the recently announced tax reforms as we depart this world? My last article addressed the Federal Budget plan of a proposed 30 per cent minimum tax on Discretionary Trusts, and the possible inclusion...
Who Can You Trust With Testamentary Discretionary Trusts?
Recent federal budget discussions about trusts have sparked debate around Testamentary Discretionary Trusts (TDTs). While the name sounds complicated, many people include these trusts in their Wills to protect children, grandchildren, and inherited assets. However,...
Organ Donation may return to Qld Driver Licences
Queenslanders may soon notice a familiar feature returning to their driver licences – the option to record their decision about organ donation.
Years ago, driver licences included a marker showing whether a person intended to be an organ donor. That system was phased out in favour of the national Australian Organ Donor Register, managed by Medicare. Now, there is renewed discussion about reintroducing a visible prompt on licences to encourage more people to register their wishes.
The Terrible Irony
The Qld Supreme Court recently provided a reminder of the importance of having your Will drawn by lawyers. The deceased, who was very “careful” about spending money, didn’t see a lawyer to prepare her Will, but her long standing accountant. The deceased also held a...
New Trust Law aims to avoid cost and delays
Queensland has recently passed new trust laws designed to solve the surprisingly common problem of what happens when the person managing a family trust loses capacity. Many families use trusts to hold assets such as investments and property. Currently, if a person is...
The Lawyer, the iPhone and $13m – the Sequel
You might recall my previous article about whether a digital note saved on an iPhone by a Mr Colin Peek - a multi-millionaire - was his will. If it was his will, Colin’s estate would be received by a long term friend, his cleaner and his long term solicitor. If it was...
Not So Super!!
I have previously written about ASIC commencing penalty proceedings against CBUS Super Fund in news titled It’s About Time… and It's On Again In the penalty proceedings, ASIC alleged CBUS failed to act efficiently when CBUS handled claims being made for Death...
Why burial space may be hard to find
Queenslanders are living longer, our communities are growing and families are becoming more diverse. But this growth comes with an unexpected challenge: many local cemeteries across the state are running out of room. Councils have begun sounding the alarm, warning...
I don’t want to get technical, but …
I don’t want to get technical but Queenslanders are increasingly discovering that an estate isn’t limited to property and bank accounts. A lifetime of photos, emails, social media and even cryptocurrency may sit behind passwords or two-factor authentication and,...
Frozen bank accounts and cash under the mattress to pay for your funeral?
We regularly hear of a client’s plan to stash some cash under the mattress or give money to a family member, prior to their passing to cover the funeral bill when they die. This concern arises from the client’s view that the bank will freeze their account after they...