Many Australians own assets abroad, spend time living abroad or enter into relationships with people from other countries.
Similarly, people moving to Australia often retain assets in the country they have moved from and enter into relationships with Australians. On death or incapacity, this can create a complex situation with different succession laws applying to different assets and individuals. It can also create conflict about which laws to apply.
Complicating this further are the complexities of the Australian tax and duties legislation coupled with how international wealth interacts with the tax systems of other countries. For example, many other countries have inheritance and gift taxes that can apply on deaths, whereas Australia does not.
We apply a considered and thorough approach in dealing with these issues, both in the Australian and international contexts.
- advising clients on succession to their worldwide wealth including the use of Australian and offshore trusts, companies and other entities to simplify the structure and governance of their international wealth.
- cross jurisdictional probate and estate administration including estate disputes.
- dealing with clients with UK assets and issues including assisting clients with a UK inheritance tax exposure to ensure their strategy works from both an Australian and UK perspective.
- dealing with clients with US assets and issues including assisting clients with a US estate and gift tax exposure to ensure their strategy works from both and Australian and US perspective.
- the acquisition, sale and structuring of Australian residential and commercial property and businesses by non-Australian residents.
- international tax advice including ceasing Australian residence and tax planning for Australian income tax, capital gains tax and stamp duty.
Private Clients| 10 Nov 2021
We discuss superannuation and the other tax considerations for executors to be aware of when dealing with the administration of an estate, and avoid an unwanted liability hanging over their heads.
Private Clients| 14 Oct 2021
In part 3 of this series, we consider why your client may appoint a professional as their executor, the executor’s entitlement to remuneration and considerations when appointing professional executors.
Private Clients| 07 Sep 2021
In the second instalment of our probate series, we consider potential issues for executors once they embark on the estate administration process.
Private Clients| 18 Aug 2021
Dealing with the estate administration process can be a difficult time, especially after the recent loss of a loved one. In the first article of our series on probate, we outline the duties of an executor.