Tag Archives: estate planning

What happens to your digital wealth on death and incapacity?

The statistics relating to social media use and the extent to which our lives are online are startling. In Australia, there are 15 million monthly users of Facebook.1

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US citizens – President Trump’s tax reform US estate and gift tax

Since our article US citizen – who me? Beware the dreaded US estate and gift tax was published, we have seen President Trump sign the ‘Tax Cuts and Jobs Act’ into law on 22 December 2017 and we are still seeing Australian senators who are not sure about their citizenship. In the last few days, the High Court ruled Labor senator Katy Gallagher was ineligible to sit in parliament which also triggered four more members of parliament resigning.

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An Estate Planning Resolution for 2018

January 23, 2018 — A most common new year’s resolution focuses on the dreaded letter “D” for “diet”. However there are two other words starting with “D” that should be included in your new year’s resolutions and those are “disability” and “death”. If you have an up-to-date estate plan in place, you are on solid footing for 2018. However, if you have no plan or an out-dated plan for covering disability or death, then you should resolve to take action.

Marilyn Piccini Roy, Ad. E., provides a few tips to assist you in formulating and implementing your 2018 estate planning resolution.

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Estate planning for same-sex marriages and common triggers to prepare or update your estate plan

It is great news that Australia has legalised same-sex marriage. This will bring significant benefits to same-sex couples, as marriage grants more rights in relation to death, medical and financial decisions. However, with what is likely to be a boom in new marriages, it is important that couples (same-sex or otherwise) consider the effect of their marriage on their estate planning documents and update them, even though it is unlikely to be the most urgent thing on their mind in planning their celebrations!

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Superannuation reforms — important planning information for 1 July 2017

Significant changes to the superannuation system will come into effect from 1 July 2017. These changes will affect more than the 1% of the population initially projected by the Government in their budget address. Advisers should be taking steps now in anticipation of these changes to assist their clients’ transition to the new rules.

Non-concessional contributions

Non-concessional contributions are those contributions which are not included in the assessable income of a superannuation fund (ie, no tax deduction is claimed in respect of the contribution), and used to be known as ‘undeducted contributions’.

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The impact of the superannuation changes on estate planning

The changes announced to superannuation from 1 July 2017 affect many individuals. Given this deadline and the need to reconsider strategy before then, many individuals and their advisors have been focussing on the changes to contributions, the transfer balance cap and other related issues. However, many have overlooked the hidden estate planning issues arising from the changes to the law upon the death of a member.

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Do You Have A Will?

If the answer is “no,” a recent survey shows that you are not alone.  Only only 4 in 10 American adults have a will a will or trust in place.  While older Americans are more likely to have a plan in place (81 percent of those age 72 or older and 58 percent of boomers), younger Americans, including those at ages with minor children, are much less likely to have a plan.  A “a whopping 78 percent of millennials (ages 18-36) and 64 percent of Generation Xers (ages 37-52) do not have a will.”  See this AARP article for more information about the survey results.

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ILN Today Post

Doesn’t travel well

There are issues that frequently arise when devising and implementing an estate plan involving assets in both a civil-law jurisdiction, such as Quebec, and a North American common-law jurisdiction like Ontario or Florida.

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ILN Today Post

Estate planning with an international element

What type of Will do I need if I have foreign assets?

If you own foreign assets, then you should consider putting in place a foreign Will in the jurisdictions in which you own those assets, in addition to a UK Will.  The advantage of this is that on your death, probate can be obtained more easily in each country if you have separate Wills to cover your assets in each jurisdiction.  This could be an advantage, especially if your executors would like to use your foreign assets to pay any UK Inheritance Tax, as obtaining probate in a foreign jurisdiction first would enable your executors to have access to those foreign assets.

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Lucas Burke Presents to Members of Ellevate

On March 15, Davis Malm attorney Lucas Burke presented the breakfast program, “Estate Planning Fundamentals: Taking the First Steps in Creating Your Estate Plan,” to members of the women’s professional networking group Ellevate. Mr. Burke provided a basic understating of the estate planning and probate process, including definitions of common terms. He also offered effective guidelines and strategies to help attendees organize their assets, as well as tips for planning outside of estate documents.

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