Powers of Attorney
Too often elderly people become incapacitated and are unable to manage their affairs. This can be avoided by entering into a Financial Power of Attorney for financial matters and a Medical Treatment Power of Attorney for giving of informed consent. Such documents can be held in reserve hopefully never to be used.
Every person should have a Will to make sure that their wishes are carried out. One question that often arises is whether there should be a mutual Will between people in second marriages whereby the husband will promise to make a Will in a certain way provided that the wife also makes a Will in that certain way. Couples may require mutual wills to ensure that the other party keeps their end of the bargain.
Further, a Will does not necessarily mean that a person’s wishes will be carried out after their death. People who have a moral claim against an Estate may be able to make a challenge and there are ways to prevent these challenges. Advice is also offered to people who think they may have a right to challenge a Will.
Testamentary Trusts enable any income which flows through a trust created by a Will and given to children to be treated at adult rates and is therefore taxation friendly.
Life interests in property
This enables people to ensure that their spouse has a home for their life but in the long run the property will go to their children.
Superannuation in many cases is a person’s largest financial resource. Most people are in industry funds however Mason Black Lawyers offers advice on setting up a self-managed fund. To ensure a person’s wishes are upheld, they will need to sign binding death nominations directly to the trustee of the super fund. We also provide advice to ensure the legal minimum amount to tax is paid.
Many people create family trusts as an income splitting device and to protect themselves if they are facing bankruptcy.
People may find themselves in a position where they have paid or contributed to assets but are not on title. We provide advice on how such rights can be protected.
Often people enter into arrangements without legal advice and after are unaware of the pitfalls and ramifications. Mason Black Lawyers can provide legal advice in these situations.
We provide legal advice to people facing problems with regard to getting their pension entitlements.
With the onset of social media, people need to be extra careful with the content of blogs, tweets etc as this can lead to defamation.
We provide legal advice to people intending to enter into a long term relationship or planning to leave a relationship.
Advice and assistance is available for the obtaining of finance either residential or commercial.
Real Estate Type of Holding: Joint Tenancy or Tenants in Common
People can buy property as joint tenants or as tenants in common. A joint tenancy means that if one person dies, his or her share automatically goes to the survivor whereby if it is held as tenancy in common, then the deceased person’s share will pass according to his/her Will.
Advice is also given generally with insurance whether it is life or disability.
People often find themselves in financial distress and advice is given with regard to protecting their rights and assets.
Capital gains tax/stamp duty
Whenever people deal in assets, there is a spectre of capital gains tax when they sell and stamp duty when they buy an asset. We provide advice to minimise these impositions.
Mason Black Lawyers offers advice with regards to blended families and seconds marriages as to the problems that may arise if one side of the family feels they are disadvantaged.
Disputes often arise between families as to whether monies advanced are loans or gifts. Problems can also arise with parents who live in granny flats behind their children when the relationship becomes untenable. To avoid this both parties should enter into an agreement setting out exactly what is to happen if things don’t work out. Strategies are available to prevent such disputes.
We also advise people who are thinking about going into retirement villages, nursing homes, etc.
Advice is available to people who are thinking of entering into relationships and need co-habitation agreements, etc.
Guardianship and Administration
Advice is offered to clients with regard to any necessary guardianship or administration orders, either for adults or infants.
Should you be seeking finance, or are interested in refinancing your home and/or investment property(s) we are able to assist without any fees being paid by you. Currently, our Solicitor Director, Peter Kempson, can obtain residential finance at 4.19% p.a. with a $2,000.00 cash refund to the borrower.