Categories
Steve Wildes
DIY Will Kits And Their Dangers
Making your own will may sound like a good idea in theory, but the reality is that it might not count for anything in the end. Here are the most common issues associated with home-made will kits.
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Death and Small Business CGT Concessions
They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.
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The Small Business CGT Exemption After Death
Fortunately for your spouse or children, the assets will still be eligible for the 15 year exemption to the same extent that the deceased would have been just prior to their death.
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Estate Planning for Rental Property Investors
Good tax planning should involve the inclusion of a testamentary trust as part of the estate plan. There are some little known tax concessions which executors should be aware of when it comes to these trusts and your principle place of residence which I have explained below.
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Medical Power of Attorney
Each state and territory has its own Power of Attorney (POA) and enduring guardian rules and requirements. Generally we expect that the legal systems work well enough to deal with documents prepared in different states of Australia, however there could be problems with POAs as the requirements for witnessing and signing documents differ in each state.
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Same Sex Marriage - Have You Updated Your Will?
How quickly things can change when we are busy living our lives! Hence it has prompted me to elaborate on some important changes of a little more significance regarding same sex marriage.
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Asset Ownership - it pays to get it right!
When we buy property or other assets we generally give little or no thought to the legal ownership of that asset. Often we are swept away “in the moment” and don’t consider the various options or legal implications that may arise in the future. No thinks to ask the question, have I purchased in the correct legal structure? Is there a better way?
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Death and small business CGT concessions
When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, where the deceased owned those assets as joint tenants with another person. As there is a change of ownership a capital gains tax (CGT) event arises.
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