{"id":1307,"date":"2017-03-13T14:26:00","date_gmt":"2017-03-13T03:26:00","guid":{"rendered":"http:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/2017\/03\/13\/planning-on-giving-money-to-your-kids\/"},"modified":"2017-03-13T14:26:00","modified_gmt":"2017-03-13T03:26:00","slug":"planning-on-giving-money-to-your-kids","status":"publish","type":"post","link":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/2017\/03\/13\/planning-on-giving-money-to-your-kids\/","title":{"rendered":"Planning on giving money to your kids?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" alt=\"\" height=\"165\" src=\"http:\/\/internal.clientcommunity.com.au\/uploaded\/level\/moreimages\/2016_images\/giving_money_to_kids.jpg\" style=\"float: right;margin: 5px\" width=\"315\" \/><\/p>\n<p>If you give money to your kids, it won&#8217;t automatically come back to you if any of those things happen.<\/p>\n<ul>\n<li>\n<p>on their separation or divorce, it would be an asset of their relationship and be available for distribution between your son or daughter and their partner under the <em>Family Law Act<\/em> or the\u00a0<em>Property (Relationships) Act.<\/em><\/p>\n<\/li>\n<li>\n<p>on death, those funds will flow to their beneficiaries as stated in their Will (or if they don&#8217;t have a Will, in accordance with the laws of intestacy).<\/p>\n<\/li>\n<li>\n<p>on bankruptcy, their trustee in bankruptcy will be able to use those funds to pay themselves and any creditors.<\/p>\n<\/li>\n<\/ul>\n<p>In order to protect against these types of events, the advance needs to be documented as a loan. In the absence of such a document, the \u201cpresumption of advancement\u201d applies because of the relationship of parent and child and it will be considered a gift.<\/p>\n<p>Ideally, in addition to a Loan Agreement, some form of security for the loan could be provided, such as a Mortgage or Caveat over land or a Security Interest registered on the Personal Property Securities Register.<\/p>\n<p><span style=\"font-size: 10px\"><strong>Source<\/strong><\/span><\/p>\n<p><span style=\"font-size: 10px\">Reproduced with permission of McKillop Legal (02) 9521 2455<\/span><\/p>\n<p><span style=\"font-size: 10px\"><strong>Important<\/strong><\/span><\/p>\n<p><span style=\"font-size: 10px\">This provides general information and hasn\u2019t taken your circumstances into account.\u00a0 It\u2019s important to consider your particular circumstances before deciding what\u2019s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. <br \/><\/span><\/p>\n<p><span style=\"font-size: 10px\">Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business, nor our Licensee take any responsibility for their action or any service they provide.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you give money to your kids, it won&#8217;t automatically come back to you if any of those things happen. on their separation or divorce, it would be an asset of their relationship and be available for distribution between your son or daughter and their partner under the Family Law Act or the\u00a0Property (Relationships) Act. [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[19],"tags":[],"class_list":{"0":"post-1307","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general-articles","7":"entry"},"_links":{"self":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts\/1307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/comments?post=1307"}],"version-history":[{"count":0,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts\/1307\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/media?parent=1307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/categories?post=1307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/tags?post=1307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}