News : Trusts

BDBNs, Trusts

Death benefit protection imperative now

BDBN testamentary trust death benefit

The prevalence of legal claims against deceased estates is making death benefit measures such as BDBNs and testamentary trusts more critical for SMSF members.

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BDBNs, Estate Planning, SMSF, Trusts

SMSF testamentary trust released

SMSF testamentary trust

A new service has been launched to aid advisers and trustees in managing litigation risks in estate planning by combining a binding death benefit nomination with an SMSF testamentary trust.

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Property, SMSF, Trusts

Business property leases critical

Business real property leases

Advisers need to satisfy all elements involved when looking to comply with the in-house asset rules relating to commercial property.

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Trusts

Unit trust operation key factor

unit trust, SMSF

The workings of a unit trust rather than its ownership structure is the critical factor in determining whether it is a related-party unit trust.

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In-house assets, LRBA, Trusts

Trusts not an ownership workaround

trusts SMSF assets

Trustees must ensure they are registering assets purchased on behalf of SMSFs in the fund’s name and refrain from using trusts as a measure to compensate for poor documentation.

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BDBNs, Trusts

Deed specificity key to certainty

SMSF trust deed

A trust deed needs to be very specific in its governing rules to ensure an SMSF is not subject to unwanted legal or regulatory conditions.

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Administration, SMSF, Trusts

Financials insufficient for some valuations

SMSF valuations

Audited financial statements do not provide sufficient information on which to base the valuation of unlisted securities or investments in a unit trust, but events during the financial year may provide the required data.

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Trusts

Judgment has lost trust deed implications

lost deed
&

A recent appeal in family trust matter highlights the need for SMSFs to address gaps in their fund’s deed history before lawyers are involved.

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Trusts

EPOA regarding incapacity tricky

EPOA incapacity

The process of having an enduring power of attorney act on behalf of an SMSF trustee experiencing incapacity is not necessarily simple.

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Trusts

Tread carefully on overpaid present entitlements

SMSF overpaid present entitlement

SMSFs receiving an overpaid present entitlement must step carefully to prevent it being treated as a borrowing and breaching superannuation law.

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