Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 17 March 2018. Michael is in his late 60s. He has a child, Peter, who is in his 30s. Peter is married with three children. Michael consults his solicitor regarding his estate planning. They discuss putting in place a discretionary testamentary trust. Michael’s solicitor discusses the matter with Michael’s financial planner. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 10 March 2018. Jim passes away at the age of 85. 30 years ago, Jim had an extramarital relationship for around six years which resulted in the birth of an ex-nuptial child, Larry. DNA testing proves that Jim is Larry’s father. Under his will, Jim leaves his house to his wife of 30 years and the rest of his estate to their two children equally. Jim’s Sydney mansion is valued at $35 million and his superannuation totals $4 million. His bank accounts total $5.5 million. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 3 March 2018. Matthew passes away at the age of 55 years. He made a will leaving the whole of his estate to his three children. Matthew was an airline pilot and his estate was valued at $1.5 million. Brenda makes a claim against Matthew’s estate, on the basis that she should receive provision by virtue of being Matthew’s de facto partner. The court notes that in order to be successful, Brenda must show that she and Matthew had a relationship as a couple “living together”. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 24 February 2018. John is a timber mill worker. Unfortunately, he is injured at work, when a piece of timber strikes him, causing a serious fracture to his left arm. John is unable to work for approximately five months, before returning on light duties. During the time that he is off-work, John makes a claim for workers compensation and for the first three months he receives 95% of his pre-injury average weekly earnings. John is then only entitled to receive 80% of his average weekly earnings for the remainder of the time he is off-work. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 17 February 2018. During the week, Manny gave a presentation regarding estate planning for carers. An extensive Q&A session raised a number of important issues. Some of the issues are addressed in this week’s Hypothetical. Peter has three children. One of his children, Chris, suffers from a severe mental disability. Peter unexpectedly passes-away without making a will. His estate is divided equally between his three children under the rules of intestacy. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 10 February 2018. Harry passes away at the age of 88. He is survived by his two daughters, Christine and Olivia. Harry’s estate consists primarily of a house valued at $800,000. Harry’s will appoints Christine as executor and gives the house to her. The rest of the estate is to be divided equally between the two daughters but after the legal costs and debts of the estate are taken into account, there is nothing left for Olivia. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 3 February 2018. Sally takes her daughter to a dance eisteddfod at an auditorium owned by a local Council. There had been heavy rain on the morning of the function and when Sally walks into the auditorium, she slips on a substantial amount of water which had been dropped-off umbrellas and onto the wooden floor. Unfortunately, Sally receives a severe fracture to her knee, necessitating a total knee replacement. Sally’s solicitor makes a personal injury claim after Sally’s injury stabilises, 18 months after her accident. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 27 January 2018. Fred was widowed many years ago and continues to live in the family home. He is very independent and continues to live in the home for the next six years, with his children keeping an eye on him. Fred is very well-organised and makes sure that his Will is up to date. He also understands the importance of putting in place an Enduring Power of Attorney and Appointment of Enduring Guardian. […]
Hypotheticals by Manny Wood. Published in the Coffs Coast Advocate on 20 January 2018. Jason, 35 years of age, is involved in a motor vehicle accident on 2 December 2017, when a vehicle fails to stop and collides with the rear of Jason’s vehicle. Jason receives a severe whiplash injury to his neck and suffers severe bruising to his chest and abdomen from his seatbelt. Jason is a builder and as a consequence of his injuries, he is unable to return to work. Jason sees a solicitor, who informs him that new legislation has come in to affect, which has drastically reduced the benefits for many claimants. He [...]
Many people start a business from scratch but sometimes it is easier if you purchase a business as a going concern. But it is important that you do have some general business experience and preferably some experience in the industry that the business relates. Obviously when buying a business you will be selecting an appropriate type of business that you wish to purchase and you should work out the limits of your budget. If you need to borrow to finance the purchase then you should make appropriate approaches to lending institutions to see what terms they will require including interest rates and what equity they require [...]