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Australian trust law is the law of trusts as it is applied in Australia. It is derived from, and largely continues to follow English trust law , as modified by state and federal legislation. A number of unique features of Australian trust law arise from interactions with the Australian systems of company law , family law and taxation .
The majority decision holding that assets of a discretionary family trust could be counted as property was controversial to some legal commentators. [10] Prior to Kennon v Spry , it was believed by some that the law enabled the family discretionary to act as an effective method of asset protection against estranged spouses.
In the trust law of England, Australia, Canada, and other common law jurisdictions, a discretionary trust is a trust where the beneficiaries and their entitlements to the trust fund are not fixed, but are determined by the criteria set out in the trust instrument by the settlor. It is sometimes referred to as a family trust in
Australian family law is principally found in the federal Family Law Act 1975 and the Federal Circuit and Family Court of Australia (Family Law) Rules 2021 as well as in other laws and the common law and laws of equity, which affect the family and the relationship between those people, including when those relationships end.
A dynasty trust is a trust designed to avoid or minimize estate taxes being applied to family wealth with each subsequent generation. [1] By holding assets in trust and making well-defined (or even no) distributions to beneficiaries at each generation, the assets of the trust are not subject to estate, gift or generation-skipping transfer tax (GST) taxes.
“The popularity of the desert communities in the Coachella Valley has pushed prices up over the years, and I don’t see that upward pressure on prices ending anytime soon,” he explained.
Mr Tom Boardman was the solicitor of a family trust. [1] The trust assets include a 27% holding in a company (a textile company with factories in Coventry, Nuneaton and in Australia through a subsidiary). Boardman was concerned about the accounts of the company, and thought that to protect the trust a majority shareholding is required.
Sheinelle Jones has a big family both on and off the Today show.. Born in 1978 to parents Sheila Kinnard and Judge C. Darnell Jones, who are divorced, Sheinelle is one of five siblings, two of ...