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Protecting discretionary trusts following Richstar, Cummins and Spry paper
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
This was presented at Trust Busting (Including Bamford) .
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Individual sessions
Protecting discretionary trusts following Richstar, Cummins and Spry
Author(s): Michael BUTLERMaterials from this session:
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Can’t Clone – what now? Succession planning for trusts
Author(s): Marc ROMALDIMaterials from this session:
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Unscrambling the egg: Current tax and trust issues in family law
Author(s): Arlene MACDONALDMaterials from this session:
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Trust distributions: The practical issues
Author(s): Peter SLEGERSMaterials from this session:
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