ADVERTORIAL Specialist Legal Advice Our team of Specialists has provided successful outcomes to the medical industry for over 25 years. Tax, asset protection, commercial advice and relationship advice pertaining to: • Medical practice startups • Mergers • Admission of practice partners • Capital Gains Tax & revenue advice on practice sales • Personal asset protection • Succession • Estate Planning • Family & Relationship Law • Commercialisation of medical opportunities Leading David Hughes Col Myers & Jodie Mills Michael Small & Craig Nicol Family & Divorce Law Firm 2014 - 2016 Leading Tax Law Firm 2015 - 2016 Contact us today to find out how we can assist you 07 5552 6666 | info@smh.net.au | www.smh.net.au • Your spouse (whether married or de facto); • Your child (whether a minor or adult child); • Someone who is your interdependent, a term defined in tax and superannuation legislation; or • Your Estate or Legal Personal Representative. You can bind the Trustee of the superannuation fund as to how your superannuation death benefits are paid by preparing a valid binding death benefit nomination (BDBN). If you do not have a self-managed superannuation fund (SMSF) then a BDBN lapses every three years. Your superannuation provider may not advise you when your BDBN lapses, so it is important to keep tabs on whether this is up to date. If you are a member of an SMSF, then currently any valid BDBN will not lapse, and the trust deed of the SMSF may allow you to include your specific wishes as a rule of the fund itself. It is still important to continue to review your SMSF requirements as superannuation law changes frequently. When considering your estate planning it is vitally important to also ensure you have a valid Enduring Power of Attorney in place. In Queensland, an Enduring Power of Attorney (or EPOA) provides an Attorney with the ability to manage your financial affairs and personal/ health affairs in the event of your incapacity. An Enduring Power of Attorney will be required in order for your assets to be managed on your behalf, whether that is: • Ensuring you have cash flow to continue to pay bills; or • Arranging the sale of larger assets to fund the transition to a retirement home or assisted care. The personal/health side of the EPOA allows your Attorney to manage your care and living arrangements when you lose the capacity to make these decisions for yourself. Importantly, many aged care facilities will require a valid EPOA for a resident before they allow them to move in. In the absence of a valid EPOA, family members or interested parties must then apply to the Queensland Civil and Administrative Tribunal (QCAT) for Administration or Guardianship Orders. Whilst the Tribunal is designed to be user friendly (you are not required to engage a lawyer to appear at QCAT), urgent applications can still take time and be a stressful process. To ensure a smooth transition in the management of your affairs and have the Attorneys of your choice in place, it is best practice to have a Enduring Power of Attorney prepared when you still have capacity. If there are potential concerns as to your capacity when signing an EPOA, you may wish to consult your General Practitioner or consider obtaining a referral to a relevant specialist who can provide a report to your solicitor as to your capacity to understand and make an EPOA (and a Will, if relevant). It is also important to recall that if you reside outside of Queensland or hold assets outside of Queensland (for example, New South Wales), then you will need to prepare the relevant documents for that State. In New South Wales Enduring Powers of Attorney govern your financial matters and Enduring Powers of Guardianship govern personal and health matters. Penelope Wells Senior Associate Small Myers Hughes pwells@smh.net.au
Pindara Private Hospital Magazine - Issue Nine
To see the actual publication please follow the link above