Sladen Thoughts
Legal industry latest news and insights
Stay up to date with legal industry news and updates. Sladen Legal provide regular updates on changes and news in the Australian Legal Industry.
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Use of Shareholder Agreements in Succession Planning
This paper explores the role of shareholder agreements in assisting with achieving estate and succession planning objectives for wealthy families.
Sladen Legal’s Succession Planning Practice Recognised in Doyles Guide Victoria 2021
Sladen Legal has been recognised as a First Tier Leading Wills, Estates & Succession Planning Law Firms – Victoria, 2021 in the recently released Doyles Guide Victoria, 2021.
Court confirms administrator can make BDBN on behalf of member
In the recent decision of Re SB; Ex Parte AC [2020] QSC 139, the Supreme Court of Queensland confirmed that the decision to make a binding death benefit nomination (‘BDBN’) is a financial matter and can therefore be made for a person by their administrator.
Sladen Snippet: legislation introduced to increase the age at which work test applies from 65 to 67
As part of the 2019-20 Budget and as previous discussed here, the Australian Government announced that Australians over age 65 would have greater flexibility in making voluntary concessional and non-concessional superannuation contributions from 1 July 2020.
Challenging a discretionary decision of A Self Managed Superannuation Fund trustee in respect of the payment of a deceased member’s death benefits
The case of Re Marsella; Marsella v Wareham [2018] VSC 312 (13 June 2018) concerned a claim by the widower of the willmaker for further provision from the estate of the deceased pursuant to Part IV of the Administration and Probate Act 1958.
Sladen Snippet – Marsella – is this the end for SMSF trustee death benefit discretionary determinations?
What is “better” for paying out death benefits in a self managed superannuation fund (SMSF) - a binding death benefit nomination (BDBN) or trustee discretion? As a result of a number of cases, where BDBNs were found to be defective, trustee discretion was becoming a favoured method for some advisors.
Challenging the Validity of a Will
Objections to a Will being admitted to probate are generally based upon one or more of the following three grounds:
New laws in relation to medical treatment decision making
On 12 March 2018 the Medical Treatment Planning and Decisions Act 2016 commenced in Victoria.
Sladen Snippet - ATO guidance on liability of a legal personal representative of a deceased person
The Australian Taxation Office (ATO) has released for public comment draft Practical Compliance Guideline (PCG) 2017/D12, which gives guidance to the legal personal representative (LPR) of a deceased person as to circumstances where the LPR may be personally liable for the deceased’s tax liability.
Sladen Snippet - Variation to foreign resident CGT withholding payments
PAYG withholding variation for foreign resident capital gains withholding payments – deceased estate and legal personal representatives
Complex estate planning in a complex world.
On 6 September, 2016 Sladen Legal delivered an event titled Complex estate planning in a complex world.
In it the following issues were examined:
Sladen Snippet – when does a de facto relationship end for superannuation death benefit purposes?
The recent Federal Court decision of Ievers v Superannuation Complaints Tribunal considered the question of whether a de facto relationship had ended for the purpose of determining who should receive a super death benefit.
Creating Entitlements in Discretionary Trusts
In May 2016, " Creating Entitlements in Discretionary Trusts " written by Sladen Legal's Amanda Morton was published in the Tax Institute’s Journal, Taxation in Australia.
Sladen Snippet - Strategies for Estate Planning and Asset Protection Following New High Court Decision
n Fischer & Ors v Nemeske Pty Ltd & Ors ([2016] HCA 11; [2014] NSWSC 203), the High Court yesterday upheld the decisions of the Supreme Court of New South Wales and Court of Appeal.
The High Court’s decision confirmed that the resolution of a trustee of a discretionary trust to distribute an amount equal to the value of shares owned by the trustee to a beneficiary (Nemes) created a debt payable upon demand enforceable against the trustee by Nemes’ executor upon Nemes’ death.
Estate planning and blended families
Blended families are more prone to dispute than is the case with first relationships and face a range of challenges, practically and legally. Superannuation, estate planning and family law disputes can often be avoided with proper planning and strategic decision making.
Tougher penalties have been introduced for the abuse of Enduring Power of Attorney
On 1 September 2015, the Powers of Attorney Act 2014 (The Act) introduced new civil and criminal penalties for misuse of an enduring power of attorney. The new penalties include a fine of up to $91,000 or up to five years imprisonment.
Enduring Powers of Attorney must now be witnessed by a lawyer or a doctor (or certain other persons)
From 1 September 2015, the witnessing requirements for an enduring power of attorney have been significantly tightened.
The signing of an enduring power of attorney by the principal (the person giving the power) must be witnessed by two people. One of these witnesses must be either a person who is authorised to witness affidavits (such as lawyers, judges, members of the police force ranked sergeant or above, parliamentarians or justices of the peace) or a medical practitioner. Previously, it was only a requirement that one of the witnesses needed to be authorised to witness statutory declarations.
Supportive Attorney – a newly introduced Power of Attorney
A new type of power of attorney is now available, effective 1 September. A person (referred to as the principal) can now appoint a “supportive attorney”.
Victorian Powers of Attorneys to change from 1 September 2015
New powers of attorneys will come into effect in Victoria from 1 September 2015.
Facebook gives users more control with 'Legacy Contacts'
Digitally stored information, including records, communications, photographs and other details which are held with various internet-based organisations can be difficult to deal with when the account holder dies. Many organisations are grappling with methods of dealing with the problem or simply ignoring it.
Facebook is giving users more control over their social networking afterlives with a “Legacy Contact” setting. This allows account holders to have their account deleted after they die or alternatively appoint a Legacy Contact to manage the account.