Russell Kelly & Associates in Baulkham Hills, New South Wales | Estate planning solicitor

Russell Kelly & Associates

Locality: Baulkham Hills, New South Wales

Phone: +61 2 9899 2022

Address: Suite 404, 29-31 Solent Circuit 2153 Baulkham Hills, NSW, Australia

Website: http://www.kellylaw.com.au

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• Estate planning solicitor
• Property lawyer
• Notary public

24.01.2022 What is a Testamentary Trust Testamentary is a legal term that means the issue relates to the making of a will. A trust is where one person holds the legal title of property for the benefit of another person (not themselves). A trustee is the person who take the ownership in trust for another person (known as the beneficiary). Under the trust the trustee owes a legal financial duty to the beneficiary. A testamentary trust is established under a will to appoint a tru...stee to use property for the benefit of the beneficiary in the way that the will specifies. Many people, especially those of wealth, create trusts to protect assets or to minimise tax. In the same way a trust can be set up under a will. These trusts can last for many decades following the date of death. Why a trust? A trust is a legal device that separates the ownership and control of an asset, which beggars the question, why is this useful in the first place? Rather than an asset passing into the personal name of a beneficiary (as it does in a traditional will), under a testamentary trust the asset passes to a trustee who holds it in trust for the beneficiary. The trustee then decides how (or if) the beneficiary will receive income and capital from the trust. From an estate planning perspective, testamentary trusts offer almost endless flexibility for accountants and financial planners. What it can achieve Let’s take the example of a couple with a child who has an intellectual disability. They naturally worry what will happen to the child after their death. One of the ways to deal with the child’s financial security is to set up a testamentary trust. In this way the testator (the person making the will) can direct how the assets will be used after their death. Another example might be where a parent is concerned about the marital situation of a child, and wants to ensure that only their child and not the child’s spouse inherits their wealth, or that the inheritance does not become...

24.01.2022 GST payments changes from 1st July 2018 From 1 July 2018, purchasers of new residential premises or potential residential land are required to withhold an amount of the contract price and pay this directly to us as part of the settlement process. The amount of GST will not change. This does not affect the sales of existing residential properties or the sales of new or existing commercial properties.... For property transactions, purchasers will need to: split the amount of GST from the total purchase price pay the GST component directly to us by a disbursement at settlement pay the GST exclusive purchase price to the property developer (vendor). Property developers will need to give written notification to the purchasers when they need to withhold. The liability for the GST remains with the property developer, and there are no changes to how property developers lodge their business activity statements.

20.01.2022 Deeds Foreign Surcharge After the introduction of land tax and duty surcharges for foreign persons acquiring or holding residential land in NSW, it was thought that discretionary and certain hybrid trust deeds needed to be amended by no later than 31 December 2016 to ensure that the surcharges would not be imposed on those trusts. Contact the office on 02 9899 2022 or email [email protected] to have your trust deed assessed.

18.01.2022 http://www.theage.com.au//cgt-and-estates-20140524-38vec.h

17.01.2022 From July 1, eligible first home buyers and those looking to downsize their home will be able to use their super either to partly fund their purchase (first home buyers) or to deposit part of the proceeds from the sale of the family home (downsizers) read more at.. https://www.ato.gov.au//Sup/First-Home-Super-Saver-Scheme/

10.01.2022 Is your will up to date? this story emphasizes the importance of have a Will.

10.01.2022 Family trusts: are your assets protected? | MyWealth Commonwealth Bank http://ow.ly/ysvQm

07.01.2022 Life in the times of COVID-19 What is the process for Wills, Enduring Powers of Attorney and Appointments of Enduring Guardian On the 24th March, 2020, The COVID-19 Legislation Amendment (Emergency Measures) Bill 2020 [NSW] was passed...Continue reading

06.01.2022 Please contact our office for an assessment of your will needs.

04.01.2022 Today we were recognized as accredited PEXA users for econveyancing. Thankyou PEXA for the acknowledgement.

01.01.2022 COVID-19 Announcement Please be advised our offices are open however due to social distancing regulations for the foreseeable future we will be limiting face to face conferences. For clients regarding wills, power of attorneys and enduring guardianships we will organize to hold in an conference room that meets the social distancing rules.... We will be conducting our conferences via video conferencing or phone where necessary. At this point we will not be able to conduct any Notary Appointments. Be assured that all property settlements will not be affected and will continue to be transacted electronically. Russell Kelly & Associates is a certified accredited participant in Property Exchange Australia (PEXA). We will be monitoring the governments responses and will update as necessary.

01.01.2022 Retirement villages - Mozilla Firefox http://ow.ly/ypWSf