Case Study: Estate Plan for well-off Nuclear Family Phil and Claire are married. They have three children, two to whom are still minors; Hayley, Alexis and Lucas. Most of their assets are jointly held: their house and bank accounts. Phil has a thriving real estate business in his own name. The total value of their […]
Estate Planning Presentation This is a presentation that I’ve given at a few different locations. I thought I would record it an make it available for everyone.
A Tricky Secret About Minor’s Trusts In a Will, we will often leave our entire estate to our children once both spouses have passed away. If those children are still minors (under the age of 18 years) then they cannot inherit until they reach that age. Quite often, in our Wills, we will say that […]
Who Can I Leave My Super To? Superannuation death benefits are not your estate assets – you have to nominate with the trustee of your super fund who you want your death benefit to be paid to.
In our case study, Jay and Gloria divorce. Gloria and Manny return to Columbia and take Joe with them. Jay and Gloria reach an amicable property settlement. Jay has two adult children from his first marriage, Claire and Mitchell, and he has the young Joe from his marriage to Gloria. Jay still has significant assets […]
Protective Trust In each family there is often a financially irresponsible child, but when it goes one step further and that child is a gambler, or has a drug or alcohol problem, you will probably want to make sure that your child does not squander your hard-earned estate when they inherit it. Cutting them out […]
This case study considers the superannuation succession planning for a man in a blended family, trying to ensure his children from his first marriage also get some inheritance
Family Farm and Family Business Disputes Download the Passing Down the Family Farm and Rural Succession Planning
How much does a Will cost?
What is Title Insurance? by Jacqui Brauman Title insurance is a relatively new concept, and something that I only came across in the last 4 years. I have adopted it into my practice in the last two years, and offer it to clients as an extra protection. It also offers me some cover, because if […]
5 Tips for Appointing Guardians for Your Children by Jacqui Brauman If you have children, you can’t leave their future uncertain. Updating our Wills is usually the item on our “list of things to do” that never gets done. Quite often, if our Wills aren’t up to date, or we don’t get the proper advice, […]
Estate Proceeds Trusts: a case study by Jacqui Brauman This case study will illustrate what an estate proceeds trust is, and how it can be used when the Will was a basic Will that didn’t set up the trust itself. In this example, Nicole’s husband Daniel has died in an accident. They have two primary […]
Google’s Inactive Account Manager by Jacqui Brauman Harry and his wife Patricia have been married for 20 years. They are an active young family with three young boys in primary school. Harry is a self-employed online marketing consultant who earns enough that Patricia doesn’t have to work, and also has flexible hours so that he […]
What Should Executors Look Out For in a Will? by Jacqui Brauman If you’re serving as the executor of someone’s estate, it may not be enough to read the provisions of the Will and follow what it says. Not only are there subtle terms of construction and jargon in Wills, but there may also have […]
Where We Are Now: Business Update Post by Jacqui Brauman 2015 was a really big year for us, so I wanted to recap and let you all know a little bit about the plans for the future. Most of you will now that I bought this business in October 2012, so Iâ€™ve been at it […]
What is probate? I’m quite often asked: what is probate? A lot of people think that it is a tax, and that it’s an amount that is paid depending on how big the estate is. Wrong. In most States in Australia, the fee for probate is not related to the size of the estate at […]
Types of Trusts I have written an article explaining what a trust is, but this article will take it a bit further. A trust is a relationship between a person (trustee) and another person (beneficiary) in which the trustee holds property (trust property/trust fund) for the benefit of the beneficiary. Sometimes there is more than […]
Estate planning for blended families can give rise to unique problems. Competing interests must be weighed correctly to limit the change of a dispute.
Where there is a breakdown in a relationship between spouses, either married or de facto, the estate plan needs to be considered.
SBS aired a show on Insight in September called â€œWhere Thereâ€™s A Willâ€. I didnâ€™t see it at the time, but a lot of people mentioned it to me. So I looked it up…
Death Taxes? We have been lucky in Australia that there has not been any probate duty for decades, and that inheritance from a deceased estate is not taxed as income. Luckier still, in Victoria, we have had one of the lowest costs on probate in Australia – in other States, probate fees are based on […]
Business Exit Strategy Checklist – This Goes For Farms Too Business succession planning is about planning for the future. It is about making sure that your family and employees wonâ€™t be left in the lurch if something happens to you. It is also about planning for retirement, and exiting your business. Hereâ€™s a checklist of […]
Verification of ID by Jacqui Brauman There are some big changes coming through for the process of conveyancing. They have been in the making for a couple of years, and are now of the verge of implementation – national electronic conveyancing. This will affect anyone buying, selling or transferring property. As part of the electronic […]
Farming: Organic v GM by Jacqui Brauman I recently went to a conference where barrister Joel Silver spoke on a torts case which involved a farming who lost his organic certification and was blaming his neighbouring farmer for growing a genetically modified canola crop for that loss. The case was Marsh v Baxter which went […]
Who Is Eligible to Make A Claim Against My Will? by Jacqui Brauman From the start of this year, the legislation in Victoria in relation to family provision claims has changed. The new changes have significantly restricted the people who can make a claim against your Will. This has been done by introducing a list […]
Self Managed Super Fund: Death and Loss of Capacity by Jacqui Brauman I recently attended a seminar at which Peter Pascoe, barrister, shared a paper on this very topic. Since more and more people and using self managed superannuation funds (SMSFs) as investment and retirement vehicles, this information is very relevant. If you have a […]
Improving Performance in Your Small Business by Jacqui Brauman As a small business owner myself, I am continuously striving for improvements. I truly believe that if we are not growing (as in learning, improving, being curious, and searching for more efficiency), then we are dying. Part of the problem being a small business owner is […]
A New Reason To Register Your Caring Relationship by Jacqui Brauman In Victoria, people have been able to register their domestic or caring relationship with Births Deaths and Marriages since 2008. A domestic relationship is virtually a de facto relationship, and I have always felt that there was very little point to registering a domestic […]
A Year Of Great Information by Jacqui Brauman A year disappears very quickly, and if I write a blog a week, thatâ€™s at least 50 blogs in the working year. Since I have been doing my Masters degree in Wills and Estate planning, my focus has very much been on providing you with lots of […]
by Jacqui Brauman Sara, a single mother working part-time, with her pre-school children both in day care, had a car accident on the way to pick her kids up. She was trapped in the vehicle, with crush wounds to her legs, and a concussion. Emergency crews took hours to get her out of the vehicle […]
7 Errors Parents Make Appointing Guardians For Their Children by Jacqui Brauman Although most of us have doing their Wills on their “list of things to do” which never gets done, those who do make their Wills to protect their children and loved ones quite often make some mistakes. The common mistakes that are made […]
by Jacqui Brauman This is probably useless information to most of you – just a little trivia really – because itâ€™s rare that this situation would arise â€¦ The forfeiture rule – is a rule that if someone commits murder or manslaughter then the offender cannot benefit under the Will of the deceased! Makes sense, […]