News, Updates and information from and about Smokeball.
February 3, 2012 Leave a comment
Many of you will know about the Bamford High Court decision a while ago, with new rules around streaming of capital gains and franked dividends.
The rules require among other things that trustees have clear power to classify and stream income and capital at their discretion.
September 16, 2011 Leave a comment
Lawyers should note the State Revenue Office (www.sro.vic.gov.au) Deceased Estates Exemption information of 2/9/2011 in regard to testamentary trusts and duties implications – ‘Section 42 Duties Act – Testamentary Trusts – (Latest Tax & Duty News)’: Read more of this post
May 5, 2011 2 Comments
Patrick Collins wrote in The Guardian (UK) on 2 January 2010 of the importance of having a will. He said “Dying without one is the last thing you should do.”
Making a will, along with making an enduring power of attorney, is one of those things that most of us just don’t have time for. We are all too busy – well.. err living. Read more of this post
March 31, 2011 1 Comment
I’m not sure if many of you have read Lynne Truss’ book “Eats, Shoots and Leaves”.
It’s quite a witty and entertaining guide to “perfect” punctuation [just a note that although I may have read the book, I might not always follow it to a tee - in fact I probably deviate from the rules more than I follow them!]. Read more of this post
February 25, 2011 Leave a comment
Well you say – it is quite obvious – you wrap it up, tie a ribbon around it and then deliver it – easy….. Not quite.
What if I wrap the gift, tie it up with ribbon but don’t deliver it. Did I “give” it to you or simply wish to give it to you? Or perhaps I changed my mind? Read more of this post
December 13, 2010 Leave a comment
The Supreme Court of NSW heard an application for leave to apply for a statutory will on 16 August 2010.
Pursuant to the provisions of s18 of the Succession Act 2006 (NSW) the Court has authority to make a will for a person who lacks testamentary capacity. Read more of this post
October 27, 2010 Leave a comment
Robert C. Adamski, Attorney at Law based in Florida recently posted a blog on the “Top Dangers of Do-It-Yourself Estate Planning“.
The points Mr Adamski makes are equally important for Australians.
Mr Adamski has identified single people with no children and virtually no money as those who probably do not require an estate plan or a do-it-yourself estate plan.
It is my experience that the administration of a deceased person’s estate can often be unnecessarily complicated by the absence of a will.
October 26, 2010 1 Comment
It has come to my attention recently that a law firm has posted a blog stating that a Queensland enduring power of attorney is invalid in New South Wales.
The blog post then goes on to state that enduring powers of attorney made prior to 1983 in New South Wales have been automatically revoked by changes to legislation – in effect if you had an enduring power of attorney in 1983 for health decisions, that the changes to the law cancelled this document.
A new blog post by this same legal firm states that enduring powers of attorney made in New South Wales prior to 2003 no longer apply to health and lifestyle issues.
Let’s set the record straight.
July 27, 2010 Leave a comment
The decision of Legal Services Commissioner v Ford [2008] LPT 12 and the increasing complexity of the area of law of substitute decision making led to the first instalment to The Wills & Estates Practice Guide – The Enduring Power of Attorney Practice Guide & Precedents.
The Enduring Power of Attorney Practice Guide & Precedents was released on 23 July 2010 and is a collaborative work by Mr Glenn Dickson and Ms Susan McLeod – both Barristers at the Queensland Bar and Ms Judy Hayward, a solicitor practising in Queensland and New South Wales. Read more of this post
April 1, 2010 Leave a comment
Protecting assets against disasters such as death, bankruptcy and divorce is growing in momentum in “Greying Australia”. There are more retirees entering into relationships, and complicated blended family situations abound. Currently, the divorce rate for first marriages is close to 40%, higher for second and subsequent marriages. Given that reality with relationship breakdowns, couples entering a relationship may prefer to consider ordering their affairs in the event of a breakdown of their relationship before the relationship commences or before it breaks down. The alternative is for the Family Court to determine financial division. This can be costly, emotionally draining and results can be unexpected. Read more of this post
