Cascading Testamentary Trusts

What is a Cascading Testamentary Trust? 

 

Cascading Testamentary Discretionary Trusts (TDTs) refer to an estate planning structure whereby the assets of one TDT are transferred (or ‘cascade’) into one or more TDTs on the happening of a specific event.

For example, say TDT1 is established for the benefit of the surviving spouse and any children.

The terms of TDT1 could provide that when the surviving spouse dies, or on an earlier date nominated by the surviving spouse, the capital of TDT1 is to be distributed equally into TDT2 and TDT3.

TDT2 and TDT3, for instance could be established for the benefit of the original testator’s two children and their respective families.

[Read more…]

Covid-19 Support: Landlords, Tenants & Small Business

The effects of Covid-19 are being felt worldwide by individuals, small businesses, large corporations and government bodies. With it, comes a lot of new and unfamiliar territory, the likes of which the world has never seen.

For individuals and small business, the financial effect can be significant and could continue for the coming months and years. Putting strategies and business plans in place now for the months that lie ahead could mean that your small business can weather the harsh times and still be operating once the dust has settled. This is the hope for us, and for your small business too.

We have received a lot of enquiries from our small business clients in relation to their Lease obligations and the financial impact sustained as a result of a loss of income. This article outlines the recent government advice and packages regarding:

  • commercial tenancies;
  • JobKeeper payments;
  • PAYG withholding cash boost;
  • Queensland Government support including electricity rebates, payroll tax refunds and deferrals;
  • childcare education and relief package;
  • early superannuation access; and
  • changes to bankruptcy law.

  [Read more…]

JP WITNESSING – The Gap and Samford

Due to the high demand of witnessing that is being requested of us during Covid-19, and our obligation to keep our office clean for the health and wellbeing of our staff and clients, we wish to advise that effective immediately we will be charging for our qualified witnessing services.  This includes all witnessing by a Justice of the Peace, Commissioner for Declarations or Solicitor at both The Gap and Samford offices.
 
We would ask that anybody requesting this service please phone ahead to arrange an appointment slot and to be provided a quote for your witnessing requirements.
 
Our office contact numbers are:
THE GAP – 3123 5700
SAMFORD – 3123 5750
 
We thank you for your understanding.

Business as usual during COVID-19

For us here at Hollingworth & Spencer, it’s business as usual.  We have contingencies in place should our team be required to work from home and we plan to continue delivering great service to you.
 
In order to protect your health and our team’s health, we plan to limit face-to-face meetings to only those that are essential meetings such as witnessing of client material, and we will be adhering to all government and health authority recommendations moving forward.  We are taking steps to move the majority of our meetings to phone consultations or video conferencing to ensure we are all as safe and protected as possible.
 
In relation to ongoing work; as always, our lawyers and support staff are available via their email.  You can also continue to call us on 07 3123 5700 as normal.
 
We will continue to assess how we can best manage your needs and those of our team. If the situation develops further, we will update you appropriately.

Director Liabilities – Protecting Your Assets

Are you putting your personal assets at risk?

 

When going into business with individuals for which you share assets with (e.g spouse) it is important that your shared assets (e.g the family home) are protected should anything go wrong. Protecting your assets begins with a business structure that prevents them from ever being at risk in the first place.

When starting a business with a family member it may seem like a good idea to appoint multiple parties as directors to keep it in the family.

However, this is not the case. [Read more…]