Practice Areas

Estate Planning

Our estate planning services help you to ensure the administration of your finances are carried out according to your wishes, in the most efficient way, in the unfortunate event of your death.

This can range from just a simple Will to much more including appropriate asset protection strategies and setting up discretionary testamentary trusts within your Will to distribute your estate to your beneficiaries in a tax efficient manner, minimise the possibility of challenges to your Will, avoid family disputes and costly litigation, minimise capital gains tax, protect your estate from claims from divorce, bankruptcy or creditors.

Trusts

Trusts are set up by people for a number of reasons including succession planning, asset protection and tax maximization. A trust involves a trustee, trust property or asset and usually a beneficiary or beneficiaries. Most people have a reasonable understanding of most structures but not Trusts, for this reason we will provide some detail of the types of Trusts.

A Trust can provide great advantages, if used wisely, in the ownership of investments, ownership of businesses or in your Will, resulting in benefits in the security of assets and tax effective distribution of income. It is important that your solicitor has a good understanding of Trusts.

These following are some examples of Trusts and how they can be used:

  • Discretionary trust - which confers discretion on the trustee, as to not only how to deal with the trust property but also how to distribute any income and property to the beneficiaries.
  • Family trust - a trust set up for the benefit of family members. This is usually a discretionary trust and the advantage of the trust is splitting of income earned by the trust between the family members to maximize any tax advantage.
  • Unit trust - the beneficiary is a unit holder in such trust and the entitlement to the trust property/asset depends on the number of units held by the beneficiary. The units in the trust can be bought and sold like shares in a company.
  • Superannuation trust - most people with self managed superannuation fund may use the monies held by the fund for investment purpose rather than investing in personal names.
  • Hybrid trust - a trust created using a mixture of the rigidity of a unit trust whilst providing the trustee with some discretion at the same time.
  • Testamentary trust - a trust created pursuant to a will. The effective use of a testamentary trust can give extraordinary flexibility to your executors to enable significant tax savings while minimising the effect on pensions or other social security provisions.

The estimate fee for a Trust is $550.00.

Superannuation

A superannuation fund is a trust fund which is administered to provide benefits for the members of the fund on their retirement or on attaining a particular age.

The trust deed under which a fund is administered often gives the trustees of the fund a discretionary power to determine benefits and can qualify for concessional tax treatment and for tax deductions to be granted to those who make contributions to it.

The Process involves obtaining a trust deed, appointing trustees, electing to become a regulated fund, and obtaining a tax file number (TFN) and Australian business number (ABN). We can assist you with the above requirements as well as providing advice to your trustee only his/her roles and responsibilities and general tax office compliance with respect to the administration of the fund.

The estimate fee for a Self Managed Superannuation Trust is $750.00.


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