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Protecting discretionary trusts following Richstar, Cummins and Spry paper

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Published on 04 Aug 09 by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper considers whether discretionary trusts remain an effective means for protecting assets given the decisions in a number of recent court cases. In particular, it:

  • examines the decisions in Cummins, Richstar, Public Trustee v Smith and Spry
  • discusses the difficulties of an "at risk" individual being the appointor of a discretionary trust
  • reviews the options available to preserve discretionary trusts as asset-protection vehicles
  • considers whether it matters who are the shareholders & directors of the trustee, and the beneficiaries & appointor of the trust.

Author profile

Michael Butler CTA
Michael is the Partner in charge of the Finlaysons Tax & Revenue Group. Michael advises domestic and foreign clients on federal, international and state tax matters, and has a special interest in corporate restructurings, cross-border investment, property, wine and mining taxation, trusts, and estate and succession planning. Michael is a past chair of The Tax Institute’s South Australia State Council and a regular contributor to Institute events. - Current at 22 February 2021
Click here to expand/collapse more articles by Michael BUTLER.

 

This was presented at Trust Busting (Including Bamford) .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Protecting discretionary trusts following Richstar, Cummins and Spry

Author(s):  Michael BUTLER

Materials from this session:

Can’t Clone – what now? Succession planning for trusts

Author(s):  Marc ROMALDI

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Unscrambling the egg: Current tax and trust issues in family law

Author(s):  Arlene MACDONALD

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Trust distributions: The practical issues

Author(s):  Peter SLEGERS

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Further details about this event:

 

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