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    Inside Stories 2014
    Inside Stories 2014
    Inside Stories 2014
    Ebook118 pages57 minutes

    Inside Stories 2014

    By Matthew Burgess

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    About this ebook

    As Matthew always works in conjunction with trusted advisers (whether it be accountants, financial advisers or other lawyers) and their clients, finding ways to fundamentally improve the value received by those advisers, and in turn their clients, has led him to develop numerous game changing models. Examples include providing guaranteed upfront fixed pricing, founding what is widely regarded as Australia’s first virtual law firm, and more recently, developing a platform that gives advisers access to market leading advice and support for less than $1 a week.

    Matthew’s specialisation in tax, structuring, asset protection, estate and succession planning has seen him recognised by most leading industry associations including the Tax Institute, the Weekly Tax Bulletin and in the 2014 'Best Lawyers' list for trusts and estates.

    Work is one aspect of his life Matthew loves, so there is no need to be constantly searching for 'balance'. His other great loves are:

    1 Family – they are profiled in various ways through the series of children’s books he has written under the pseudonym 'Lily Burgess' – seewww.wordsfromdaddysmouth.com.au and various TV commercials (which is a story for another time);

    2 Learning – going cold Turkey on television and most forms of media in late 2005 (the reasons for this are a story for another time) has radically increased Matthew’s ability to study the great authors and inspired him to recently publish a book that explores the concept of 'true success' – seewww.thedreamenabler.com.au

    3 Health - aside from being a foodie and swimming at least a 5km a week, Matthew installed a stand up workstation in 2007 and among a few other lifestyle choices, it changed his life (again, stories for another time).

    LanguageEnglish
    PublisherMatthew Burgess
    Release dateNov 20, 2014
    ISBN9781925181425
    Inside Stories 2014
    Author

    Matthew Burgess

    Matthew Burgess is one of the founders of specialist firm View Legal. Having the opportunity to help clients achieve their goals is what he is most passionate about. As Matthew always works in conjunction with trusted advisers (whether it be accountants, financial advisers or other lawyers) and their clients, finding ways to fundamentally improve the value received by those advisers, and in turn their clients, has led him to develop numerous game changing models. Examples include providing guaranteed upfront fixed pricing, founding what is widely regarded as Australia’s first virtual law firm, and more recently, developing a platform that gives advisers access to market leading advice and support for less than $1 a week. Matthew’s specialisation in tax, structuring, asset protection, estate and succession planning has seen him recognised by most leading industry associations including the Tax Institute, the Weekly Tax Bulletin and in the 2014 'Best Lawyers' list for trusts and estates and either personally, or as part of View, since 2015 in ‘Doyles’ for taxation and since 2017 for wills, estates and succession planning. Work is one aspect of his life Matthew loves, so there is no need to be constantly searching for 'balance'. His other great loves are: 1. Family – they are profiled in various ways through the series of children’s books he has written under the pseudonym 'Lily Burgess' – see www.wordsfromdaddysmouth.com.au and various TV commercials; 2. Learning – going cold Turkey on television and most forms of media in late 2005 has radically increased Matthew’s ability to study the great authors and inspired him to publish a series of books that explore the concept of 'true success' – see www.thedreamenabler.com.au 3. Health – aside from being a foodie and swimming at least a 5km a week, Matthew installed a stand up workstation in 2007 and among a few other lifestyle choices, it changed his life.

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      Book preview

      Inside Stories 2014 - Matthew Burgess

      Inside_Stories_2014_Cover.jpg

      National Library of Australia Cataloguing-in-Publication entry

      Author: Burgess, Matthew, author.

      Title: Inside stories 2014 / Matthew Burgess;

      ISBN: 9781925181425 (ebook : ePub)

      Subjects: Burgess, Matthew—Blogs.

      Finance, Personal—Australia—Blogs.

      Assets (Accounting)—Blogs.

      Tax planning—Australia—Blogs.

      Estate planning—Australia—Blogs.

      Business—Australia—Blogs.

      Other Authors/Contributors: Dimitrijevics, Otto, book designer.

      Dewey Number: 347.00994

      Inside Stories 2014

      Copyright 2014 Matthew Burgess

      The moral right of the author has been asserted.

      Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored, or transmitted in any form or by any means, without prior written permission of both the copyright owner and the above publisher of this book.

      While the author has made every effort to provide accurate Internet addresses at the time of publication, neither the publisher nor the author assumes any responsibility for errors, or for changes that occur after publication. Further the publisher does not have any control over and does not assume any responsibility for author or third-party websites or their content.

      The information in this book is of a general nature, not intended to be specific professional advice. Please seek the opinion of a professional to advise you for your situation. The author’s opinions are his own and do not represent the view of any other person, firm or entity. The author is not responsible for the accuracy or appropriateness of third-party comments or articles, including those of guest authors and editorial contributions. Any comments, letters, and other submissions are moderated and have been edited or withheld at the sole discretion of the author.

      Published by D & M Fancy Pastry in 2014

      Introduction

      Matthew Burgess, Patrick Ellwood and Tara Lucke are co founders, with Naomi Arnold, of View Legal.

      Having previously founded Australia’s first virtual law firm as a wholly owned subsidiary of one of the country’s leading independent law firms, View Legal is results focused and passionate about delivering new solutions in a way that aligns with their ‘SPS’ - service and price satisfaction - guarantee.

      As authors, each of Tara, Patrick and Matthew are widely recognised as experts in their fields, who constantly create innovative strategies for the growth, management and protection of wealth.

      They are published across a range of topics including:

       The Nine Steps to a Complete Estate Plan.

       The Five Foundations of Business Succession.

       The Eight Essential Blue Journal Articles.

       The Seven Key Aspects of Testamentary Trusts.

      CHAPTER 1(A)

      ASSET PROTECTION – PERSONAL

      MARCH 27, 2014

      Leading Gift and Loan Back Case

      Other posts have dealt with various aspects of gift and loan back arrangements

      (see http://mwbmcr.blogspot.com.ar/2012/05/family-court-case-on-distinction.html and http://mwbmcr.blogspot.com.ar/2013/10/one-remedy-where-trust-distributions.html).

      Arguably, the leading case in relation to gift and loan back arrangements is Atia v Nusbaum [2011] QSC044. As usual, a link to the full decision is as follows

      http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/qld/QSC/2011/44.html. 

      In summary the circumstances of this case were as follows: 

      Dr Atia (a cosmetic surgeon) entered into a gift and loan back style arrangement with his mother; 

      when Dr Atia’s mother subsequently called in the debt, Dr Atia argued that the loan and mortgage were not intended to be actually binding and were only a pretence to protect against situations where Dr Atia was sued professionally; 

      in particular, Dr Atia argued that his mother was only calling in the debt secured by the mortgage because he had married his girlfriend against his mother’s express wishes; 

      the court found that all aspects of the legal documentation, including a deed of gift, loan agreement and registered mortgage, had been validly signed; and 

      the court confirmed that the legal effect of the documentation signed was exactly as the parties intended it to be and there was no mistake or sham involved. This meant that Dr Atia’s mother was allowed to enforce recoverability of the debt, and if necessary, exercise her rights under the registered mortgage. 

      APRIL 1, 2014

      How gift and loan back arrangements work?

      Previous posts have touched on various aspects of the gift and loan back strategy 

      (see http://mwbmcr.blogspot.com.ar/2012/05/family-court-case-on-distinction.html   and

      http://mwbmcr.blogspot.com.ar/2013/10/one-remedy-where-trust-distributions.html).  

      Recently, and as touched on last week regarding Atia’s case, one of the key aspects of the enforceability of this style of arrangement is that all documentation is drafted correctly and duly signed and processed. 

      In this regard, the main critical steps that need to be followed are set out below with an example.

      The ‘gift and loan back’ approach involves the owner of an asset gifting an amount equal to their equity in the property or shares in a company to a family trust (or low risk spouse).

      The family trust then lends an amount of money to the owner and takes a secured mortgage over the property or registers a security interest on the Personal Property Securities Register over

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