Federal Budget & Testamentary Trusts; Challenging an Enduring Power of Attorney
The Budget has ramifications for discretionary testamentary trusts, effective from 1 July 2028. Most testamentary trusts are structured as “discretionary” trusts (as distinct from “fixed” trusts) as this gives asset protection and the potential to reduce income tax. The proposed changes for discretionary testamentary trusts include the following: there will be a minimum 30% tax […]
Frequent Flyer points when you die; Your digital legacy; Testamentary Trusts & the ATO
Until recently, Frequent Flyer or “Travel Points” were lost with the cancellation of accounts after death. As of November 2023, Qantas updated its policy to allow the transfer of a deceased member’s points to an “eligible family member”. Previously, these points were automatically forfeited upon the member’s death. Virgin Airlines also allow transfer to another […]
When the Will is “not quite right’; The importance of Powers of Attorney
Key takeaways: Errors, oversights or unintended consequences which may arise in a Will can be resolved quite easily when there is common agreement. It is important to review your Will regularly to ensure it reflects your current circumstances. Sometimes people die with a Will that broadly reflects their wishes but that doesn’t account for a […]
Succession Planning & Trusts in the ATO spotlight; Wills & Wealth staff changes
Wills & Wealth News We break from our tradition of giving technical updates to share some important Firm news: We recently farewelled Melissa Krajacic who is happily retired after 10 years at Wills & Wealth. We thank Melissa for her wonderful contribution, as evidenced by the regular compliments she received from her many clients. We welcome Jennifer Jackson who […]
New Government Probate fees; Superannuation Death Benefits Tax
Bernie O’Sullivan and the team at Wills & Wealth would like to send you and your family our best wishes for the upcoming Festive Season. As we near the end of 2024, we also take this opportunity to update you on matters which may be of interest and remind you that we are available to […]