Can a Trustee delegate its authority? Can a POA act on the trustee’s behalf? A human Trustee can not outsource the job of being a trustee to another person. Even if that other human holds a Power of Attorney for the Trustee. The position is different for a...
Bankruptcy Trust in Wills Bankruptcy Trusts in Wills to protect spouses, children & beneficiaries The Bankruptcy Trust protects your beneficiaries if they go bankrupt before or after your death. When you die you give your assets to your spouse and children. But...
Since 2018, thanks to significant advocacy efforts by the Financial Advice Association Australia and Legal Consolidated, financial planners have been empowered to act as authorised witnesses for Commonwealth statutory declarations and Powers of Attorney (POAs)...
Journal entries and Book entries do not work: ATO Commonly Dad borrows money cheaper than his trust. In this recent case, Dad borrows money from the CBA and gives it to his trust. Everything goes wrong. In Chadbourne v FCT [2020] AATA 2441: the taxpayer, Mr...
Change a trust’s trustee to a corporate trustee in New South Wales? At times, you may wish to change the trustee of your New South Wales trust. Perhaps the trustee dies, leaves the country or loses mental capacity. Or you want to move from a human to a company as a...
A rather worrying trend is Centrelink attacking people who are unaware that they are mentioned in a Family Trust. For example, the high risk of bankruptcy son often makes Mum the Appointor or a Default beneficiary – for asset protection. Mum has never...
