Packham Solicitors has many years of experience in advising clients how to create the most appropriate structure to assist with tax minimisation and asset protection. This specialised field of expertise not only protects your own position but also the position of future generations.
We work closely with financial, accounting and tax advisors to formulate effective retirement and succession structures to enable you to manage your retirement in conjunction with your superannuation fund, life insurances and other financial assets.
A number of strategies that can be used to maximise and protect our client’s position include:
- set up special discretionary trusts for qualified beneficiaries;
- set up structures to defeat claims by undeserving relatives; and
- create a testamentary trust that can be used as a tax minimizing vehicle for future generations.
Packham Solicitors will design a tailor-made strategy for you that deals specifically with your situation – for personal service, please call on 02 9410 3846 for obligation free consultation.
Enduring Powers of Attorney and Appointment of Enduring Guardianship
To secure their future as far as possible many people are making Enduring Powers of Attorneys and or Appointments of Enduring Guardianship.
An Enduring Power of Attorney allows an individual (referred to as the donor or principal) to appoint the attorney to look after their financial affairs in their absence or when they are incapacitated by disease or injury.
The term “enduring” refers to the fact that the Enduring Power of Attorney applies even after the donor suffers incapacity. If the individual (proposed donor) does not make his or her Enduring Power of Attorney while they have full mental capacity they cannot make it later if they lose capacity.
There are other ways of dealing with it but these are cumbersome and move the control away from the family. The Enduring Power of Attorney is of no effect after the death of the donor/principal and the donor’s affairs are in the charge of the executor after that.
It is also important to note that the attorneys can be appointed jointly and severally or as alternates.
An Appointment of Enduring Guardianship allows a person to look after an individual’s (referred to as the appointor) medical issues should he or she be in a variety of serious medical states from which he or she is unlikely to recover. This instrument is sometimes called “a living will” but it only relates to a person’s medical conditions and does not control their finances.
The appointor can appoint alternate guardians in case one is unable or refuses to act but can only have one guardian appointed at a time.
Packham Solicitors can help with all relevant documentation – please call on 02 9410 3846 or fill out the contact form online for obligation free consultation.