Family Trusts and Family Law HOW MUCH ARE YOU WORTH ?
with Nicholas Robertson Digital Age Lawyers
A family trust is a common agreement set up by family members that allows a person or company to hold assets for another ’ s benefit . A family trust is created through a Trust Deed and encompasses the following parties :
1 . Trustee – the person or company who controls the assets in the trust and legally is the owner of the assets .
2 . Beneficiaries – the person or company who can benefit from the income received from the trust .
3 . Settlor – the person who sets up a trust .
4 . Appointor – the person who controls the appointment and removal of the trustee ( s ). Valuing the trust Under the principles of the Family Law Act 1975 ( Cth ), all assets and liabilities of an individual are considered . This includes the family trust and , accordingly , all assets that are included in the trust .
Parties can choose to value the family trust in the following ways :
1 . If the parties remain amicable and seek to remain cost-efficient , they may wish to obtain a preliminary
value of the trust from the accountant who handles the company financials .
2 . If the parties are not able to agree to the value of the trust , then it will need to be formally valued by a registered and qualified valuer . What is your value in the trust ? As mentioned above , a family trust can have several trustees or beneficiaries . What you must understand when creating a family trust is your actual ‘ entitlement ’ under the trust . This requires an assessment of the level of control that one has over the trust assets and the person ’ s role as either the appointor , trustee , or beneficiary . To give a brief breakdown : 1 . If you are the trustee of the trust , then the value of the trust will be looked at by the court and will be considered an asset , given that you are the legal owner of the assets of the trust and you have more control over the trust assets than the beneficiaries .
2 . If you are a trustee and beneficiary of the trust , then the value of the trust will be considered as an asset .
3 . If you are a beneficiary of the trust , then the trust may be considered as a ‘ financial resource ’ as opposed to an asset . This is because the beneficiary has no control over the trust assets and may not have received any income from the trust .
It is important to understand the level of control that one has over the trust and the trust assets to determine how the family trust should be looked at when dealing with property settlement negotiations . How can we help ? Digital Age Lawyers have a wealth of experience is dealing with family trusts . Not only do we assist with establishing these entities , we also provide independent legal advice for parties on their trust documents . Most importantly , we can assist you to understand how the family trust will affect you in the event of separation in terms of your financial settlement .
To find out more about how we can assist , please contact us on ( 02 ) 8858 3211 or via email at marketing @ digitalagelawyers . com .
We empower you to deal with future legal issues , so you are protected into the 22nd Century .
SPECIAL
Legal Strategy Session $ 275 + GST
Sydney | Greater Western Sydney | Blue Mountains
CALL TODAY
02 8858 3211
e : info @ digitalagelawyers . com s : digital . lawyers
www . digitalagelawyers . com
LAW & ORDER
Injured in a motor vehicle accident ?
with Anthony McDonnell of McDonnell Schroder
What is a minor injury ?
The definitions of minor or nonminor injury were legislated in the Motor Accidents Injuries Act 2017 . It applies to injured persons injured in a motor vehicle accident occurring in NSW from midnight 1 December 2017 . Examples of minor injury
1 . Soft tissue injury ; these are injuries to the soft tissues of your body such as your muscles . The most common soft tissue injury after a Motor Vehicle Accident ( MVA ) is a whiplash injury , which often results in neck pain .
2 . Psychological or psychiatric injury ; in general , if the injury is not a recognised psychiatric injury , it is a minor injury . However , there are two psychiatric conditions under this law , that are minor injuries : Adjustment Disorder and Acute Stress Disorder .
The insurer initially decides whether your injury is minor or non-minor . Recent statistics
have shown that injured persons have greater success in having their injury classified as a non-minor injury if the injured person is legally represented . Another reason to not just accept an insurer ’ s decision !
Even if legally represented an insurer may maintain its decision that it is a minor injury .
There is an insurer internal review available . Personally , in my experience it tends to just confirm the insurer ’ s original decision .
However , after the internal review there is a further appeal to the Personal Injury Commission . Again , in my experience there is a much-improved chance to have your injury classified as non-minor .
The difference in compensation between minor and non-minor can be substantial ; at least it is worth obtaining legal advice .
There are accredited specialist lawyers in Personal Injury Law who are highly qualified to give further detailed advice in all areas of personal injury law , including motor vehicle accidents and workplace injuries .
Mr McDonnell of McDonnell Schroder Solicitors is a Personal Injury Law accredited specialist , contact McDonnell Schroder on 9622 1155 .
This article is written in a general non-specific manner . Always contact your solicitor for specific legal advice .
CLAIM DENIED ?
Insurance companies sometimes don ’ t tell the full facts
INJURED … Car Accident ? At Work ? Shop Fall ?
NO WIN / NO FEE
WE STAND UP FOR YOUR RIGHTS
WE ARE YOUR PERSONAL INJURY LAWYERS
* CONDITIONS APPLY
McDonnell Schroder get results fast !
www . mcdonnellschroder . com . au
McDonnell Schroder Solicitors and Conveyancers Shop 3 , 103 Railway Terrace Schofields OR our Blacktown office - 121 Main Street , Blacktown T : ( 02 ) 9622 1155 E : admin @ mcdonnellschroder . com . au
THE HILLS INDEPENDENT theindependentmagazine . com . au ISSUE 85 // JULY 2022 21