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Estate Practice: Clients and Multiple Jurisdictions Michael J Perkins

Estate Practice: Clients and Multiple Jurisdictions Michael J Perkins. Key Challenges. Australians as global citizens - media commentary 1 in 4 Australian residents were born overseas 1 in 3 Sydney residents were born overseas As at the 2006 census in Armidale top 6 countries of birth were:

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Estate Practice: Clients and Multiple Jurisdictions Michael J Perkins

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  1. Estate Practice:Clients and Multiple JurisdictionsMichael J Perkins BUSINESS & ESTATE LAWYERS www.mjplegal.com

  2. Key Challenges • Australians as global citizens - media commentary • 1 in 4 Australian residents were born overseas • 1 in 3 Sydney residents were born overseas • As at the 2006 census in Armidale top 6 countries of birth were: • Australia • England • New Zealand • China • United States of America • Germany • What assumptions can you make about the territorial connections of your clients? BUSINESS & ESTATE LAWYERS www.mjplegal.com

  3. Estate Planning – What do we mean? • “Estate Planning is a professional service (encompassing strategies, processes and actions) focused on the preservation and transfer of a client's wealth for the client and their designated successors” BUSINESS & ESTATE LAWYERS www.mjplegal.com

  4. What is your role? • Advice and management services • assistance with analysis and interpretation of legal and factual issues • assistance with the planning and management of a client’s affairs • Transaction execution • assistance with the enforcement of legal rights and obligations, including ownership of property • assistance with the authentication and assurance of title to property of any type BUSINESS & ESTATE LAWYERS www.mjplegal.com

  5. Get To Know Your Client! • Was the person born in Australia? • Does the person hold dual citizenship? • What is their migration status in Australia? • Is the person subject to the law of another country, state or legal system? If so, how? • Asset location • Family location • Citizenship • Domicile • Investment activity • Central management and control BUSINESS & ESTATE LAWYERS www.mjplegal.com

  6. What is your Client’s Family and Social Heritage? • Does any family member or legal personal representative of the person reside outside Australia? • Is the person a citizen or domiciliary of any country other than Australia? • Is the person a member of a non-Christian religion? • Is the person subject to native title customary law or first nation based legal rights? BUSINESS & ESTATE LAWYERS www.mjplegal.com

  7. With What Territories Is Your Client Connected? • Has the person worked outside Australia? • Is any estate property located outside Australia? • Is the person a trustee, agent, representative or fiduciary for another person and, if so, where is that person located? • Has the person created a waqf which binds their estate? • Has the person made arrangements for the management or co-ownership of property in any legal jurisdiction? BUSINESS & ESTATE LAWYERS www.mjplegal.com

  8. Estate Review - Key Questions • Do you own all rights in your estate assets? • Can all elements of your estate be transferred to your successors? • What is the limit to the jurisdiction of your will? • How is your estate to be taxed? BUSINESS & ESTATE LAWYERS www.mjplegal.com

  9. Will drafting issues • Immovable property is governed by the law of its location • Movable property is governed by the law of domicile of the will maker and includes: • Bank accounts • Intangible assets • Contractual rights • Other choses in action BUSINESS & ESTATE LAWYERS www.mjplegal.com

  10. Estate taxation • The citizenship of a client can affect taxation of the estate e.g. USA • The domicile of a client can impose death duties on Australian estates e.g. UK • Forced heirship can apply to Australian connected property e.g. movable estate of Australian resident non-domiciliary • Central management and control can change BUSINESS & ESTATE LAWYERS www.mjplegal.com

  11. Wills essentials • A will must be valid by the law of its place of execution (s.48 Succession Act 2006) • Deceased estates are taxed as trusts and therefore by the location of the trustee • Align estate trustees with the location of assets whenever possible • Consider if Australian tax rules apply to non-Australian operations of the estate • Assess if inheritance tax will impact the estate BUSINESS & ESTATE LAWYERS www.mjplegal.com

  12. Estate Management Issues • Management right changes can have taxation impacts. • How is trustee succession to occur? • How might Australian structures be impacted by a mobile family? • Managing diminished or absolute incapacity can be more complex than death – how healthy is your client? BUSINESS & ESTATE LAWYERS www.mjplegal.com

  13. BUSINESS & ESTATE LAWYERS www.mjplegal.comPhone: 02 8022 4714

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