Lawyers warn of the growing risks to retirees caused by loans to their children and disputes with family members about who gets what from a will.
A fight over renowned painter Mimi Milka Berger’s $24 million estate highlights the importance of having an estate plan that accurately reflects the deceased’s final wishes.
Younger generations gleefully anticipating inheriting from their parents and grandparents need to take heed of the myriad potential capital gains and income tax traps.
The Federal Government (with Opposition support) has introduced sweeping changes to the sector in a bid to ease pressure on the budget as the number of elderly Australians rises exponentially.
APRA put the cat among the pigeons when it put these securities on notice. Investors looking for alternative investments offering similar yields are finding they also come with risks.
Dispute over ownership of shares worth more than $500,000 that entitle use of water from the Murray River reinforces why testators need to make their final wishes crystal clear.
Six children have successfully argued that they were entitled to half of their father’s retirement savings. Lawyers say the case highlights the importance of regularly updating a will, especially if personal and financial circumstances change.
If was Corporal Jones from Dad’s Army who used to utter that immortal phrase, “don’t panic”. It’s advice retirees watching the value of their portfolios shrink in response to Trump’s economic nostrums should heed.
The failure to document how an estate should be legally divided up almost inevitably leads to costly legal battles where lawyers are the only sure winners. Yet about 60 per cent of eligible Australians don’t have a will.
This ruling, when coupled with the growing incidence of blended families, COVID-19 promises and the Baby Boomer wealth transfer, will accelerate the growth of legal challenges over inheritances.
