Garland Waddington E-news
Granny flat arrangements – pros and cons
Constructing, or contributing towards the cost of, accommodation at a family member or friends’ own property can give peace of mind and support to assist in later years.
In a typical case, granny flat arrangements occur when an older person transfers some sort of consideration (often title to property or proceeds from the sale of property) to their adult child or close friend in exchange for the promise of ongoing care, support and housing. The arrangements can be formal, but more often than not they are informal.
The Importance of Binding Death Benefit Nominations
(including in your Self-Managed Superannuation Fund)
Superannuation is a tax-effective way to save and invest for your future. The SIS Act provides for the formation of self-managed superannuation funds (SMSFs). These funds are subject to strict compliance requirements, however, they also allow members flexibility and control over the choice and management of their investments.
Protecting business interests in family law proceedings
Family law issues can be disruptive to a business, with the potential to adversely affect its activities, cashflow, and financial viability. Problems can stem from a relationship breakdown between domestic co-owners, or the divorce or separation of a third-party business partner or shareholder.
Buying and selling a property at the same time
Buying or selling property is widely accepted as one of life’s major stress factors. When you buy and sell property at the same time, and try to complete both transactions together this can add considerably to the stress levels. This is known as a simultaneous settlement, or contemporaneous settlement, and is encountered frequently in the conveyancing process.