Prospective Granny Flat CGT Exemption and Deeds of Family Arrangement
Recent announcements in relation to the federal budget have indicated that a targeted CGT exemption will be available for granny flats. This exemption will apply to the creation, variation, or termination of a formal written arrangement for a relative that is elderly or living with a disability.
5 important documents to review regularly
Our lives are full of constant changes. Some good, some bad and some in between.
As we get older and change partners, jobs, houses and opinions, we should turn our
minds to updating our legal documents.
There are five aspects of your life that you should regularly review.
The greater risk of elder abuse in the COVID-19 pandemic
The economic and social impact of the COVID-19 pandemic is likely to increase the presence of elder abuse in Australia’s ageing population. Legal advice should be obtained before certain transactions between family members to reduce the risk of elder abuse.
Executors – Know Your Duties and Adhere to Them Carefully!
Your dad recently passed away and he appointed you in his will as his executor. You are deeply honoured to be entrusted with the role, but are you aware of your duties and obligations?
If you don’t understand and comply with your duties as an executor, you may face legal liability. Being an executor is an honour – and a responsibility. Do the right thing by your dad, and protect yourself from liability – understand your duties, and be aware of what can happen if you breach them.
Important changes to Powers of Attorney – how do they impact you?
Many people form the view that they will be capable of looking after their own affairs until their demise. They ignore the need for a power of attorney or the importance of same. The laws have changed recently in relation to the form of the personal matters power of attorney and our team at Scanlan Carroll can explain the changes.
I’ve been left out of the Will…. What do I do now?
You’re one of three children to your mother, Kathy and your father, Robert. Robert passed away 5 years ago so it’s just been the 4 of you for a while now. Your two siblings have made your parents proud, one of your sisters is a nurse and the other one is an accountant at a big city firm and you’ve always been close to your parents in your own way.
You really have no idea what your parents have by way of assets or what their plans were in the event of their death. Before you even knew it, your mother passed away and you learn your two sisters are receiving the entire of her estate, leaving you with nothing.