Credit checks are vital. One of our clients owns a small commercial building which she had leased to a small business. Her tenants vacated the premises before the term expired without paying the rent, and the guarantor was insolvent. Our client wanted to know if there was any way she could recover the rent and better protect herself with future tenants. Before entering into a lease it is crucial to investigate the tenant’s credit worthiness.
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Tax residence is a fundamental issue for individuals which can have a significant impact on an individual’s tax position. This appeal case provides guidance regarding the permanent place of abode test.
We are often asked by clients about Residential Care Subsidies and what they should do about gifting to their trust.
Most people agree that, where possible, it is better to be safe than sorry. But what about when it comes to signing a prenuptial agreement? A prenuptial (or Contracting Out) agreement decides how relationship property will be divided in the event of a separation or divorce. It is not the most romantic idea, requiring couples to prepare for the worst before their life together has even begun. However it seems millennials in the U.S would prefer to be safe than sorry.
We regularly get asked “Is it worth me having a Trust anymore?” As you would expect from a Lawyer, the answer is “Well, that depends”. There is no doubt that the baby boom generation have loved Trusts. The love affair has changed the previous use of Trusts away from the intergenerational protection and transfer of assets, to one of the protection of assets for the individual.
Cross Lease titles originally arose as a device to get around Council rules that would allow more than one dwelling on a certain sized parcel of land but would not allow subdivision of that land. They created a de facto subdivision by making two or more people owners of the land and then granting a ‘cross lease’ between the owners in respect of the houses built on the land. Over the years some difficulties have arisen with these titles.