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Family business succession planning

Operating a business presents numerous challenges, whether this be at the inception of the business, during its regular lifecycle, or upon winding down or ownership transition. One of the many important considerations for a business owner is planning for the long-term future of the bu
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CHANGES TO POWERS OF ATTORNEY LAWS ARE HERE

The commencement of the Powers of Attorney Act 2014 (Vic) (‘POA Act’) on 1 September 2015 will see some significant changes to the current laws which regulate this area. WHAT IS A POWER OF ATTORNEY? A Power of Attorney is a written legal document under which a person (‘the Principal’)
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Challenging a Will…just got harder.

If when making your Will you provided for individuals because you thought you had too, now may be the time, in light of the following changes, to consider whether your Will should be reviewed and if necessary amended. Such changes, which will take effect from 1 January 2015, apply to
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Supporting your power to appoint – Powers of Attorney Act 2014 (Vic) passed

Set to commence on 1 September 2015 after receiving assent, the Powers of Attorney Act 2014 (Vic) (New Act) is the government’s response to an inquiry conducted by the Victorian Parliamentary Law Reform Committee (‘Inquiries into Powers of Attorney’) and recommendations of the Victori
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Death and taxes, but not all at once!

Uncertainty as to ATO practice with regard to the CGT treatment of testamentary trusts now resolved Background Late last year the Abbott Government announced that it would not be proceeding with a number of tax measures which had been proposed by the former Labor Government. One such
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Business Succession Planning for Blended Families

Family business succession planning can be complicated enough where the owner has children from only one marriage, let alone where there are several sets of children. It may be that some children are actively involved in the family business and wish to acquire equity, while other chil
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Contemplating tying the knot?

Introduction Naturally, it is not unusual that willmakers will seek to benefit persons they intend to marry under their will. However, amidst guest lists, venues, dance lessons, cakes and flowers, making an appointment to speak with your solicitor about changing your will is not norma
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Challenging Wills

Testator’s family maintenance claim Despite any contrary intention of a will maker, under section 91(1) of the Administration and Probate Act 1958 (Vic), the Supreme Court has power to order that financial provision be made out of the estate of a deceased person for the ‘proper
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