10 minute read
Defibrillator saves a life at Kingsford Smith
What happens if a beneficiary under a Will is bankrupt?
Whilst it is common for professionals to take care not to own assets in their own name, what happens if they receive an inheritance?
Savvy business people often structure their affairs by holding minimal assets in their own name, preferring to keep assets out of their own and their creditors’ legal reach. This is particularly so for individuals at risk of being sued, such as company directors and business owners. Any legal action taken against them personally does not normally extend to assets owned by others, such as a spouse or a trust.
The bankrupt beneficiary
Consider this example. John has retired after a successful career. He owns his home, several investment properties and various other assets. John is a widower and has two adult children, Vanessa and Peter. Upon his death, John would like to pass his assets to his two children equally.
Peter, the son, runs a business which is on the brink of failure due to reduced revenue, rent increases and unpaid tax. The ATO is threatening legal action and other creditors are now coming after Peter, who has provided personal guarantees. Peter is considering bankruptcy as a way to ease his financial and emotional stress.
Although Peter has very few assets in his own name, if he is bankrupt when John dies, the share of John’s estate that would have gone to Peter is vested/paid to his bankruptcy trustee and will be made available for Peter’s creditors.
Property that falls into a bankrupt’s hands after the commencement of the bankruptcy is called ‘after-acquired property’ and vests in the bankrupt’s trustee. There may be a temptation not to disclose after-acquired property to the bankruptcy trustee, but nondisclosure of after-acquired property is an offence, with penalties ranging from a fine, imprisonment and extension of the bankruptcy period.
The use of a testamentary trust
With careful planning, a Will can be structured so that the potential for the Will-maker’s estate passing to a bankruptcy trustee can be avoided. A testamentary discretionary trust can be used to benefit a person who is financially vulnerable because of alcoholism, a gambling problem, threatened or actual bankruptcy.
A testamentary discretionary trust is a trust set up in a Will. It gives the trustee the power to decide how assets and income are to be managed and distributed to the beneficiaries. It allows the trustee to be flexible to address each beneficiary’s individual circumstances. Assets can be protected from external creditors and the bankruptcy trustee as the property is owned by the trustee and not the beneficiary.
If beneficiaries are financially vulnerable or are at risk of bankruptcy, these issues can be addressed at the time a Will is made and can provide the Willmaker with peace of mind that his or her estate will be protected for the benefit of children and other family members.
SRM LAWYERS Renée Stevens - Lawyer. Level 1, 102-104 Longueville Road, Lane Cove NSW 2066. 9188 9631 www.srmlawyers.com.au
Defibrillator investment pays dividends
Following discussions with local sporting clubs, Lane Cove Council took the bold but very sensible decision to install defibrillators at all of its major sports grounds a couple of years ago.
On Saturday 5th May, this paid dividends when an over 45s footballer collapsed during a game at Kingsford Smith oval in Longueville.
The rapid and effective work of two doctors who happened to be playing in the game, and the use of the defibrillator, were paramount in saving the life of the player. As more older people participate in activities to stay fitter in their old age, there will be ongoing incidents of this type. Having the right equipment and expertise available is of huge importance.
The vision and investment by Lane Cove Council is to be applauded. Sadly, we understand other Councils are resisting the need to do this at all sports grounds. Hopefully, incidents of the kind at Kingsford Smith will encourage them to re-consider. The season for Lane Cove FC is now in full swing with the usual ups and downs in results, but hopefully everyone is having fun! The women certainly are, and they had a great time at their recent ‘pink’ themed training night at Blackman Park. Noah’s Ark Toy Library for Children with Special Needs Inc is a registered not-for-profit charitable organisation based in Artarmon.
Established in 1976 by educationalists, therapists and parents of children with special needs, the Library aims to help children learn through play, with the toys complementing the therapies that they may receive.
Membership is open to any child with a special need, be it physical, intellectual, sensory or social; temporary or permanent.
There is no age limit but the wide range of specialised toys are generally suitable for ages 0-6 years. Families can borrow toys and play equipment specific to their child’s needs and interests, promoting new skills development.
Library services are available during the standard school term on Mondays, Wednesdays and Saturdays, 10.00am to 12.30pm. A yearly membership fee is applicable and members may borrow up to nine toys at a time.
The library is staffed mainly by volunteers and is funded entirely by donations and membership subscription. The library is located at Artarmon Kids Cottage Community Centre, 18 Broughton Road, Artarmon. Further information is available at www.toys4specialneeds.org.au or phone 9411 4429.
Character building
Recent elevated debate on the quality of urban life of Sydney, and how this is being subjected to so many pressures, has motivated me to resume a column on ‘urban issues’. By Jon Johannsen.
A recently completed kindergarten in Epping Road that looks better suited to a business park.
There have been frequent mentions in the media of many issues raised in earlier TVO articles, and one that is no doubt still of great interest is that of the ‘character’ of our built environment.
Over the past year there has been a lot of action across the Sydney planning spectrum. The Department of Environment and Planning (under local MP Anthony Roberts) has recently released a planning circular ‘Stepping up planning and designing for better places: respecting and enhancing local character’, but this is in need of investigation.
There is a question about what constitutes ‘local character’ and how a place has a ‘look’ or ‘feel’ that distinguishes it as good or otherwise compared to other places. At community level there is concern about new development and its impact on the ‘local character and amenity of their neighbourhood’. St Leonards South has certainly been under the microscope, but while that horse may have bolted, it is hoped that the increased density can be delivered with better quality – as alluded to in this statement by Anthony Roberts MP.
Better Placed…..responds to the concerns of communities and those involved in the development of our built environments about the impact of poor design but also defines how we can make the most of the opportunities that will arise as we develop new spaces and places.
The ‘Better Placed’ initiative has been coordinated through the Government Architect’s Office, and is really focused on how a coordinated approach to design quality can improve the built environment and public domain while creating places that are better suited for us all to live, work and play.
Better Placed confirms our collective wishes for the future design of our infrastructure, architecture, and public spaces, and endorses the power of design to enable a better and resilient future for our communities.
PETER POULET GOVERNMENT ARCHITECT
Under the Greater Sydney Commission, the North District Plan – Connecting Communities was released in March 2018. For many residents living north of the harbour there are various well-meaning statements such as Planning Priority N6 that some might regard as rhetoric…
Great places include all parts of the public realm …. They exhibit design excellence and start with, and focus on, open space and a people-friendly public realm. They recognise and celebrate the local character of the place and its people.
However, to really understand what is meant by this I return to the DEP circular that also asks ‘How can character be considered in the NSW planning system.’ This proposes that ‘local communities play an important role in defining what character is in their local area’. In the introduction to the North District Plan, North District Commissioner Dr Deborah Dearing states -
Like the rest of Greater Sydney, the District’s population will grow and demographics will change over the next 20 years. …. We need to ensure that new development delivers quality urban places for people.
So this brings me to a challenge about character building, with particular focus on our Lane Cove village. As we make the transition from a sleepy low scale residential village to one of the denser urban areas on the lower north shore of Sydney, is there
Give a little. Change a lot.
That is the tag line for Volunteer Week. Here at Sydney Community Services, we have over 400 volunteers who make sure we manage to support all our clients and local people to help them have fun, live independently and safely.
This week we were delighted to see two of our volunteers publically recognised for all that they do for us. Dr Max received a Community Award from Lane Cove Council and Grace Lau received a Volunteer Award from Ryde Council.
Dr Max Thorpe has had an extremely distinguished career as a physician and academic in Sydney. On his retirement, he was recommended to us and we asked him to take on the role of Medical Ambassador. We had found getting past medical receptionists in primary care almost impossible. Dr Max managed to open doors into GP surgeries and local hospitals that no one else had managed.
Last October we held an evening forum to showcase Sydney Community Services to local GPs, nurses, allied health professionals and local representative of health disability and aged care departments. We were able to demonstrate the great level of support and care available locally. It was a huge success, not least because of Dr Max’s influence. As a result, a lot more local people are being referred to the high quality care available to help them on discharge from hospital and also to prevent emergency admissions.
Grace Lau is an amazing lady who volunteers many hours to support her local community in the Seniors Hub in our centre at Hunters Hill. Without Grace, we would not be able to provide the support and care for the seniors in our local area. We are extremely grateful to Grace for her time, humour and general good nature that helps people feel welcome and comfortable.
Sydney Community Services is managed by a Board of ten local volunteer Directors who give their time, experience and expertise to guide the management team and lead the fundraising opportunities for the organisation. We thank them for their time and commitment to the organisation.
We are always on the lookout for new volunteers whether it be for gardening, Meals on Wheels, driving the buses, providing social support or becoming a regular visitor for someone living alone, either in residential care or in their own home never getting any visitors. If you would like to offer regular help either weekly, monthly or just occasionally, please contact Yvonne on 9427 6425.
The redevelopment of 154 Longueville Road could have easily included the original parapet line. still time to consider what the nature of Lane Cove’s future character will be?
Can we avoid simple but unfortunate mistakes such as an ill-considered intrusion into what was originally an intact early 20th century shopfront, or a recent kindergarten where aesthetic appears to have been overlooked? There is no doubt many more examples of questionable outcomes on the radar of TVO readers at the upper end of the development scale.
Lane Cove Council now has an effective Independent Hearing Assessment Panel that seems to be operating well, but should there also be a Design Excellence Panel (as in many other councils) that can improve the quality of what is assessed?
To raise debate on design quality of buildings and the public domain, it would be great to hear what other TVO readers consider as areas or individual buildings in need of improvement in Lane Cove. Email editor@thevillageobserver. com.au to have your say.
Jon Johannsen is Founding Principal of Architects Johannsen & Associates, and a Lane Cove resident.
