This practical session examines the common, and not so common, scenarios schools may face involving high-conflict families. It covers best practice strategies to deal with these scenarios, as well as a school’s legal rights and obligations. The following case studies are covered:
Warring ex-spouses, new partners and collection from the school gate
Enrolments - dad doesn’t want the child enrolled and mum has filled out the application
Family trusts and testamentary trusts have been a well-used tool for asset protection and income management for many years. However, as a result of the impact of new legislation, case law and changing family or other circumstances, the instrument may not meet current needs and could expose the trust or beneficiaries to unwanted financial and other consequences. This practical session examines some of the problems in older trust deeds and provides practical strategies for rectification, including:
The succession of the family farm from generation to generation is increasingly being challenged by the changing aspirations of younger family members, family dynamics and testing financial circumstances. Faced with these pressures, farmers are seeking practical and sound advice to manage the transition of their property and farm operations to their children. This session will look at the important issues that need to be considered in succession planning, including:
Although the amendments to the small business CGT concessions in Division 152 are now two years old, there is still a great deal of confusion as to precisely how the new rules operate. This session explores the traps and hazards that can arise in practice through the use of case studies, including:
Advice on powers of attorney is an essential part of your wills and estate practice, particularly as clients tidy up their succession plans in the wake of the pandemic. However, the appointment of a power of attorney creates potential for many dilemmas, not least of which is conflicts of interest. Recognizing them, avoiding them or at the very least managing these risks is the subject of this session. It covers:
Auditing standards and ASIC rules both require that an SMSF auditor be independent. While auditor independence sounds simple in theory, it can be difficult to navigate in practice. This session examines threats to independence and how to best mitigate them. It covers:
The importance of the enrolment contract to the school/parent relationship cannot be underestimated, particularly during these difficult times. As a legally binding document, it needs to be reliable and thorough to cover all the bases as well as stand up under scrutiny if challenged. In this session we will health check the essential and important terms of enrolment contracts, covering:
Testamentary trusts provide a greater level of control over the management and distribution of assets to beneficiaries, but also bring with them complexity, inflexibility and ongoing cost. This session will look at the requirements of these trusts and the key considerations for determining their relevance to your client, including:
The appointment of joint executors is not unusual. Nor is the potential for things to go wrong. This session looks at what can happen when joint executors fall out and the type of orders a court can make. It includes:
Having an enduring power of attorney (EPOA) is, in theory, an important part of overcoming the obstacles associated with loss of decision-making power. However, in practice, the exercise of powers of attorney can give rise to bigger issues and the powers given may be insufficient to fully manage the affairs of the appointor. This session will provide guidance on drafting enduring powers of attorney that are effective and comprehensive, and advise how to deal with unwanted consequences, including: