Asset protection post-Permewan
Source: Taxation In Australia Journal Article
Published Date: 1 Apr 2023
Gift and loan back arrangements are a popular strategy for estate planning and asset protection. The recent Supreme Court of Queensland decision of Re Permewan No. 2 brings into question whether gift and loan back strategies are effective. Re Permewan No. 2 concerned the validity and enforceability of gift and loan back transactions where the sole purpose was to defeat a family provision application under s 41 of the Succession Act 1981 (Qld). This article outlines: the background to Re Permewan and Re Permewan No. 2; the reasons why the gift and loan back arrangement in Re Permewan No. 2 was invalid and unenforceable; the impact that Re Permewan No. 2 has on earlier gift and loan back cases such as Atia v Nusbaum; and the impact that Re Permewan No. 2 will have on gift and loan back arrangements moving forward. The authors also provide some key takeaways for estate planning practitioners on asset protection.
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Details
- Published By: Caite Brewer
- Published On:1 Apr 2023
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