Beware of New Dangers with Trust Distributions from recent Victorian Case
As you may be aware, a recent court decision in Victoria towards the end of last year has caused concern in the legal world over distributions from discretionary trusts.
Usually we are instructed to set up discretionary trusts for the benefit of a particular client, with the client as trustee and the client and his/her broader family and related entities as beneficiaries.
Read More
Estate Planning Explained (Part 6)
Karen’s son Paul had a drug habit. She left her estate to him on her death hoping he would use the money to undertake the drug rehabilitation programs he always promised to…
Read More
New Enduring Power of Attorney forms - effective 30 November 2020
Important new changes to Queensland’s guardianship laws took place on 30 November, 2020. Among various other reforms to the laws, the Queensland Government have issued new Enduring Power of Attorney and Advance Health Directive forms.
Read More
Why Every Farmer Needs a Will…
It is so important to have a well-drafted Will, in order to ensure that upon your death, your farm, hard earned money, and other assets: a) Pass to the people you want; and b) Support your beneficiaries’ needs (such as a surviving spouse or children) in the way you want ..
Read More
Succession Planning: Part Five – Living Arrangements For Family Members
During the succession planning process, the situation often arises where the older generation (parents/grandparents/aunts and uncles) want to continue to reside on the farm and live in their home, while the younger generation take on the responsibilities of running the farm. It is important ..
Read More
Why Everyone Needs a Will…
Whilst no one wants to think about it, unfortunately death will come to all of us…and we do not know when. It is so important to have a well-drafted Will, in order to ensure that upon your death, your hard earned money, and precious assets: pass to the people you want; t..
Read More
Your legal checklist for the holiday season
It’s now officially 25 sleeps until Christmas! …and many of you are probably looking forward to heading off on holidays! Most people think about the usual travel essentials, like what to pack and getting vaccinations, but many forget to ensure important legal matters are taken care o..
Read More
Unsent Text Message Accepted As Valid Will
An unsent text message found on a deceased man’s phone has been declared by the Queensland Supreme Court to be his valid Will. The text message was addressed to the man’s brother, and contained details about how he wanted his assets to be dealt with on his death.
Read More
Girlfriend receives $350k instead of young children – What, Why and How?
You may have heard in the news recently about Daniel Leverton, a young man who died unexpectedly. Various people have expressed outrage over the fact that his girlfriend of nine months ended up with around $350,000.00 of his superannuation and life insurance, while his two young daughters only received around $50,000.00 each.
Read More
Think you can transfer vehicles to a new trustee for free – think again!
From time to time, for various reasons, you or your clients may wish to change the trustee of a trust. When this occurs, all the trust assets held in the name of the retiring trustee need to be transferred to the name of the new trustee. Sometimes, the trust assets may include one or more m..
Read More
Government Offers Grants for Farming Succession Advice
Do you want half price legal and accounting services when preparing your Wills or transferring your farm onto your children? Succession and estate planning has been one of the biggest challenges faced by primary producers for generations. Passing on control of the family farming business an..
Read More
Are SMSF deeds and estate plans ready for the fast approaching superannuation changes?
You probably have heard about the 2016-17 Budget and related superannuation reforms due to apply from 1 July, 2017. However, you might not have thought about estate plans and trust deed updates. In order to ensure your clients are going to be prepared, you need to read on. Two importan..
Read More
Are SMSF deeds and estate plans ready for the fast approaching superannuation changes?
You probably have heard about the 2016-17 Budget and related superannuation reforms due to apply from 1 July, 2017. However, you might not have thought about estate plans and trust deed updates. In order to ensure your clients are going to be prepared, you need to read on.
Read More
Top Legal Tips to kick off 2017 with a bang!
Happy New Year from the team at McKays! Now that the silly season has passed, it is time to get down to business and put in place goals for a successful 2017. The New Year is a great time to reflect on the year gone by, but also plan for the year(s) ahead. Here are our top legal tips..
Read More