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can you elaborate on what this comment means? I personally think Deline delivered amazing value in this free training

Hi Nicole, I have sent you some recommendations in reply to your Facebook message. All the best!

I recommend getting legal advice from an experienced lawyer. A large part of this training is about self managed super funds, not public funds. Secondly there are many instances of BDBNs in public funds being considered to be invalid if the form is not completed correctly. Some public funds state that the BDBN is invalid after 3 years. Please don’t DIY it

Thanks for watching my video. What do you mean by a "PD" trust? Transferring assets out of an existing trust will typically result in stamp duty and capital gains tax in Australia.

Tim’s audio is coming through fine when I listen to this video. It is slightly less loud than my audio but both are very clear at only 50% volume. Perhaps try a different device?

I’m really sorry you had to go through that Stuey. Making a will might seem simple but the wording really matters and it’s important to work with a lawyer experienced in estate planning (as opposed to a lawyer who is a generalist or dabbling) when making a will for this exact reason.

Hi Jackie, check out Lana at Lavenia Law in Ipswich

hi Adelina @AdelinaTabila, that's what the "or over 67 and still working" note in the slide refers to (as I understand that if they are aged between 67-75 they need to meet the work test) but I appreciate that we were running out of time by that part of the training to explain it properly. We have a training dedicated solely to the topic of the WAR strategy here which you might find interesting: th-cam.com/video/uI_7GaZTVf0/w-d-xo.htmlsi=QUyTn9FnKq4dbwL1

hi @daltropical5236, there is no definitive list. I recommend obtaining tax advice as the first principles test in section 8-1 ITAA 1997 applies. You will also need to refer to the trust deed and the list of allowable expenditure for the trust funds, but that is a trust law issue, not a taxation issue.

@@taralucke thank you tara...ok...going to check what u recommended and alao more trust law...its a curly one, but will continue to some more research..thanks again appreciate it👍. Learning journey

You’re very welcome

@roryphelan3365 Hi Rory, I can't comment on the difference from a Centrelink perspective, however in the estate planning context if the $500k is provided as a loan, then when the grandparent dies, the $500k forms part of the grandparent's estate and the executor will call the loan in seeking repayment (unless the loan is dealt with under the will/loan agreement). If the $500k is documented as a gift, then there is no recourse on the grandparent's death. A similar concept applies in relation to asset protection e.g. if the grandchild goes through a family law property settlement and the $500k was documented as a loan, the grandparent could theoretically seek to call in the loan and have the funds returned to them (regardless of the property settlement) whereas if the $500k is documented as a gift then the funds will form part of the property pool between the grandchild and their spouse.

thanks@@taralucke

Hi Rory @roryphelan3365, in that example, the purchaser is an individual person (who is a beneficiary of the trust). The trust lends the funds to the beneficiary (preferably as a secured loan) and the beneficiary purchases the property in their own name, which keeps things simple in terms of accessing the main residence CGT and land tax exemptions. I hope that makes sense.

Thanks for watching. You’ll need to work with a lawyer who specialises in estate planning. Let me know where you are located and I can suggest some lawyers

Thanks for watching! Yes, it's helpful to see what the courts have to say about these arrangements, if only there had been a scenario that was less problematic for them to consider

Great to hear you are using TTs in your estate plan and now have that extra peace of mind Tony!

Hi @julied213 from your comment it sounds like you are based in America. This video is about an estate planning strategy for Australian assets and residents. The tax and estate planning rules in America are completely different. Please obtain specific legal advice for your own circumstances

Thanks @roryphelan3365 so pleased you enjoyed the training. Here's something on Division 7A that Dan & I prepared earlier ;) th-cam.com/video/Yxij5eg_KIA/w-d-xo.html

Thanks heaps :) @@taralucke

Hi R, this video relates to trusts in Australia… it sounds like you’re based in a different country? I recommend speaking with a lawyer/solicitor/attorney in your jurisdiction to get specific advice for your circumstances and the options available for the choice of trustee

@@taralucke Yes, I'm based in another country. Will do as you suggested; and thank you so much for your quick response!!!

Hey Jenn, you do you and I’ll do me. If you don’t like my style you don’t need to watch my videos. Ps - tearing others down is something only women do 😉

@@taralucke A lot of women are doing great things in establishing women as professionals of substance and you are here reproducing the same old tropes that make men consider us lightweights.

Thanks for watching the video. The types of trusts discussed in this video are not protected trusts/speical disability trusts. I would recommend obtaining specific legal advice from an experienced estate planning lawyer on how the particular circumstances fit within the terms of the relevant trust deed that you are dealing with, as trust deeds can have wildly varied terms and you can never assume what they say without reading them fully

Thanks for watching. I recommend working with a lawyer in your local area who is experienced in testamentary trusts. If you can tell me where you are located I can suggest some law firms for you

Thanks for watching Kirsty! So glad to hear that you're experience aligns with mine - it takes a lot of skill to make a complex topic straightforward and it sounds like you're doing a wonderful job at doing just that!

Thanks for watching the video, I appreciate it. Both topics are quite complex so I"ll keep my answer high level. In relation to land tax, most Australian States have an exemption for a property held by a testamentary trust where the will grants a right to occupy the property to a beneficiary of the TT and the beneficiary actually occupies the property as their main residence. It will depend on the particular State the property is in however as the requirements vary between States. In relation to CGT, the TT can generally claim the principal place of residence CGT exemption if the WIll or trustee of the TT grants a right to occupy the property too. If the exemption isn't available then as the TT is a flow through vehicle for tax purposes the trustee will have to make a beneficiary of the TT specifically entitled to the capital gain in that financial year's tax return and the gain will be taxed in the tax return of the particular beneficiary. I hope that answers your question!

@@taralucke Thanks Tara, that's great information, the two properties are in Queensland.

Section 102AG ITTA36

hi there, thanks for watching the video. I would recommend working with an experienced estate planning solicitor for your estate plan. Leaving your estate to a non-profit organisation is reasonably straight forward but it gets more complicated once you want to add in conditions for the use of funds.

hi there, firstly I would recommend speaking to a local lawyer to help guide you through this process as the answer to your question really comes down to the specific wording in your mum's enduring power of attorney. Here are some general guidelines however: If the financial powers granted to her attorneys commence 'immediately' then no determination is actually required. If the determination is required, this is usually made by her treating doctor, and the tribunal only becomes involved if there is a dispute. It essentially will depend on what is written in her enduring power of attorney. It's also a good idea to make sure the documentation is in fact valid and effective while your mum still has decision making capacity, so that there is time to remedy any issues while she has capacity. I would also strongly urge the attorneys to seek advice on how to comply with their duties as attorneys before acting, as there are very strict rules about managing another person's finances under an enduring power of attorney. I hope that helps! Long story short - you should see a lawyer and get specific advice for your circumstances.

@@taralucke Thank you Tara, you are in the gold coast eh? Anyone here in Perth you recommend?

She's an Australian artist called Annie Everingham :)

Yes

I have a joint account with my father am I responsible for paying his debt? His bills get paid via automatic payments.

It’s best practice to have at least one trustee who is an Australian resident for tax purposes. If you are considering having a trustee who lives abroad, I would suggest you raise this with your lawyer preparing the testamentary trust & get specific advice from them, as there are a few practical issues to work through

@@taralucke Thank you so much. I understand the tax implications and non resident status.Will consider joint trustees with one Australian, I suppose the tax return will have to be filed jointly.

This is certainly possible from a legal and trust law respective however the fixed trust structure (after both husband and wife have died) would not provide asset protection or income tax flexibility for the children. It is a trade off between certainty versus asset protection and tax planning. I prefer to keep the trust fully discretionary and make sure the trustee & appointor roles have the appropriate controls and protections

@@taralucke Thanks for the fast reply that helps. I'm in WA and wish you were over here. Your videos are really good.

Pete n which part are you referring to?

Pete n thanks for your comment. All testators need specific tailored legal advice when implementing their estate plan, and a testator who wishes to benefit a disabled beneficiary should certainly consider a special disability trust, however not all disabled beneficiaries satisfy the eligibility criteria in the Social Security Act to be a principal beneficiary of a special disability trust, and a special disability trust is a very restrictive trust structure that is not always appropriate. As I’m sure you can appreciate, it’s not possible to cover all strategy permutations in a high level video like this

Tamara Kennedy that is absolutely correct, this video is specific to Australian law only

Tamara Kennedy as you have identified, choosing the appropriate trustee/s is a critical element of this strategy

Thanks so much Matt!

you and me both Chris!