Business Succession and Estate Planning Bulletin

Gift and loan-back strategy – interesting comments by the Supreme Court of Queensland

Re Permewan [2021] QSC 151 The gift and loan-back-strategy is widely employed in estate planning and asset protection scenarios. The essence of the strategy is as follows: The principal (who wishes to protect their assets) gifts a substantial sum, equivalent to the net value of the asset they are trying to protect to a safe entity; Gift and loan-back strategy – interesting comments by the Supreme Court of Queensland

The use of corporate appointors in 2nd generation family trusts

Background The appointor (sometimes called principal) of a family trust has the power to appoint and dismiss the trustee. The appointor is the ultimate controller of the family trust. The appointor rarely has substantial other powers within a family trust and as such is only occasionally involved in trust management. This is generally if the The use of corporate appointors in 2nd generation family trusts

Appeal fails in Marsella case

Background In March 2019 we reported on the Victorian case of Marsella[1] in relation to the exercise of discretion to choose a death benefit beneficiary by a trustee of a self-managed super fund (SMSF). That case was remarkable because it was the first case where a disappointed beneficiary of a deceased estate has been able to have the Appeal fails in Marsella case

Witnessing wills and powers of attorney by videoconference

Justice Legislation (COVID-19 Emergency Response – Wills & Enduring Documents) – Regulation 2020 (Regulation) The Queensland Government has today published the Regulation setting out how wills and enduring powers of attorney (EPOAs) may be witnessed by video link. The Regulation may be accessed here. The Regulation acts to deem that a witness who attends a Witnessing wills and powers of attorney by videoconference

Video witnessing Queensland wills

Parliaments around Australia are passing new legislation to help the wheels of commerce turn during these difficult coronavirus times. Succession law has also had considerable difficulties in dealing with the quarantine and isolation restrictions when signing and witnessing wills and powers of attorney. A will needs 2 independent witnesses and a power of attorney must Video witnessing Queensland wills