by ADLV Law Team | 6 - Build and protect your wealth (including trusts), 8 - Pass on your wealth (including EP)
When it comes time to make an Estate Plan, most people have at least some idea who they want to give their wealth to. In many cases, they first want to give it to their partner, and then after their partner dies, they want to share it equally among their children. This is what we call the ‘standard’ or default choice.
For families with considerable wealth, there is one more ‘layer’ of planning you must consider. This is the scenario if one of your children dies, either before or after inheriting.
Once again, there tends to be a default in this scenario, that is, the children of your child (i.e. your grandchildren) will take their parent’s share. In this manner, the wealth passes down your ‘family’s bloodline‘.
This sounds simple and appropriate, but it does raise several critically important issues – that justify more thought.
by ADLV Law Team | 1 - 313, 1 - Start, expand and raise capital for your enterprise, 6 - 288, 6 - Build and protect your wealth (including trusts), 8 - 264, 8 - Pass on your wealth (including EP)
A farm trust is a discretionary trust that is used to own land for primary production while also providing flexibility so the property can eventually be transferred to other family members. Asset protection, tax efficiencies, and ‘controlled succession planning’ are the key benefits of a farm trust.
by ADLV Law Team | 2 - 230, 2 - Run and manage your business (general commercial)
Natalie Massenet: I would definitely say get a lawyer. That’s the one thing. A lot would be different just with that one act.
by ADLV Law Team | 7 - 338, 7 - Deal with your real estate (property law), 8 - 264, 8 - Pass on your wealth (including EP), 9 - 305, 9 - 306, 9 - Deal with a deceased estate (Administration), PodCasts
If you are a family advisor or you are personally thinking about how you can keep family harmony in check when the next generation of your family steps up to the plate, this episode is a must-listen for you.
by ADLV Law Team | 2 - 12, 2 - Run and manage your business (general commercial)
Lawyers are generally pretty conservative people. It’s our role within society to apply a skeptical view to new things, pay respect to historical precedent, and generally defend the more conservative and established institutions and social norms, i.e. to drag...
by ADLV Law Team | 2 - 113, 2 - Run and manage your business (general commercial)
In June 2020, legislation was passed to enable the rollout of Director Identification Numbers (DINs) for company directors. The Australian Business Registry Services (ABRS) is ready to start registering directors from November 2021.
by ADLV Law Team | 2 - 113, 2 - Run and manage your business (general commercial)
The Corporations Act 2001 (Cth) does not specify a minimum notice period for the calling of a valid directors/Board meeting. All that is required under the Corporations Act is that each director must be given ‘reasonable notice’ of the meeting by the...
by ADLV Law Team | 2 - 113, 2 - Run and manage your business (general commercial)
The short answer is, no. The Corporations Act 2001 (Cth) does not require directors to be given prior notice of any matters to be discussed at a directors/Board meeting, or any resolutions to be put to the directors/Board at the meeting. Your Company’s...
by ADLV Law Team | 8 - 265, 8 - Pass on your wealth (including EP)
As part of your end of life plan it is a good idea to appoint someone to make health or medical treatment decisions for you, if you become unable to make such decisions for yourself. It is also important to identify what your values, life goals and preferred outcomes are so the person appointed to make those health and medical treatment decisions can ensure their decision making is in line with your wishes.
