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Asset protection post-Permewan

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Published on 01 Apr 23 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

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.

Author profiles

Caite Brewer
Caite Brewer, of Hemmant’s List has been a Barrister and a Solicitor for more than 28 years. She is one of only five Queensland Law Society (QLS) accredited specialists in succession law at the Queensland Bar and was the highest achiever in her graduating year. Caite is consistently named “Market Leader” and “preeminent” junior counsel in Estate Litigation in Doyle’s List. She is a regular presenter at seminars on all things estates and trusts. She has a particular interest in contentious probate and superannuation disputes. - Current at 09 November 2022
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Dr Pip Coore
Dr Pip Coore, of Hemmant's List, practices predominately in the areas of equity, trusts and succession law. She has also appeared in taxation appeals and administrative law matters. Pip has appeared as counsel in Queensland’s Court of Appeal, Supreme Court, Magistrates Court and in the Federal Court of Australia. Pip has been recognised in Doyle’s Guide as a Leading Wills and Estates Litigation Junior Counsel in Queensland. Prior to being called to the Bar, Pip was the Senior Associate to the Honourable Justice Edelman of the High Court of Australia. Pip holds a DPhil in Law and a Master of Studies in Legal Research from the University of Oxford. Pip holds a Bachelor of Laws (Graduate Entry) (Hons) from Queensland University of Technology and a Bachelor of Journalism and a Bachelor of Communication, majoring in Public Relations, from the University of Queensland. - Current at 10 November 2022

 

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