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Published on 10 Oct 13
by VICTORIAN DIVISION, THE TAX INSTITUTE
Trusts are supposed to be a protective barrier for family assets. This barrier is under threat from:
the family law decision in Kennon v Spry (2008)
the company law decision in Richstar Enterprises Pty Ltd v Carey (2006)
credit loan accounts and unpaid trust entitlements
the creation of beneficial interests in the course of estate planning
bad practices in the administration of trusts.
This paper examines and evaluates each of these threats in practical contexts,including the scope they create for a family trust of another family member to be dragged into matrimonial property disputes, for a trust to be dragged into a beneficiary’s tax dispute and for inheritance claims to turn into trust disputes.
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