Rod Genders is a senior Australian lawyer specialising in Wills and Estate Planning, Probate and Estate Administration, Trusts and Guardianship and Inheritance Claims and Contested Estates in South Australia. His boutique specialist law firm, which was founded on 1848, is one of the oldest and most respected in Australia. Rod is an international author and speaker. Rod is the 3rd generation of Genders in the law and has been practising specialised law since the mid 80’s. He has acted as counsel or consultant to in excess of 50 other firms around Australia. Rod holds the SA state record for the highest ever personal injury award of damages, and has been involved in several of the largest personal injury claims in Australian legal history. For over 10 years he served on the Council of the Law Society of South Australia and is a senior member of its Succession Law Committee. Rod was a founding committee member of the South Australian branch of the London-based Society of Trusts and Estate Practitioners (STEP) for 8 years and was the founding Chair of the international STEP Digital Assets Special Interest Group. For over 25 years Rod has chaired a private committee enquiring into the affairs of protected persons. He is a member of the Law Council of Australia, and a member of its Succession and Elder Law Committee.

can you afford to be the bank of mum and dad

Can you afford to be the Bank of Mum and Dad?

BOMAD
can you afford to be the bank of mum and dad

As property prices enjoy a post-pandemic resurgence, an increasing number of first home buyers are being priced out of the market.

While a boon for homeowners, it’s a different story for those trying to get a foot onto the property ladder.

According to recent analysis, the Bank of Mum and Dad is now ranked as Australia’s ninth largest mortgage lender, lending adult children an average of $89,000 … lending that’s increased approximately 20% over the past 12-months.

bank of mum and dad bomad

The Bank of Mum and Dad (BOMAD). The pressure’s on.

BOMAD
bank of mum and dad bomad

It won’t have escaped your notice that there is increasing pressure in the first-home buyer space.

The youngsters cannot save enough – quickly enough – to keep ahead of the spiralling house prices.

They are under pressure.

And they sometimes pass that pressure onto their parents and grandparents, asking them to help them with the deposit.

self managed super fund is your reversionary pension really binding

SMSF – Is your reversionary pension really binding?

Superannuation and Insurance
self managed super fund is your reversionary pension really binding

A super fund is, at its most basic, simply a ‘trust’.

The ‘trustee’ of the super fund holds the ‘member’s balance’ on trust for the ‘member’.

What most people don’t realise is that because the super fund is a trust, it’s governed by the rules of equity that set out how trusts must be run.

Let’s say you have a SMSF (Self Managed Super Fund) and you receive a super pension during your lifetime, and on your death you want your pension to be paid to your surviving spouse.

super death benefits what could go wrong

Super death benefits – what could go wrong?

Superannuation and Insurance
super death benefits what could go wrong

If you are in a retail super fund, then your choices as to whom and how your super is paid after you die may be limited.

You will generally be able to specify ‘who’ gets your super, and in what ‘proportions’.

You generally will not be able to specify specific amounts, nor specify even basic “what if” scenarios, such as “If Jonny is under 25 he is to get 75% of my super, otherwise my super is to be split equally among my children”.

super asset protection

Super Asset Protection

Superannuation and Insurance
super asset protection

In addition to providing for retirement, funds properly accumulated in a regulated superannuation fund have risk management benefits if financial adversity occurs and the person needs the protection of bankruptcy.

A common stress for older people who need to become bankrupt is that they will not have time to recover from the financial adversity they have experienced.

The good news is that funds held in a regulated superannuation fund are protected and are not available to the bankruptcy estate.

separation divorce and superannuation

Separation, Divorce and Superannuation

Superannuation and Insurance
separation divorce and superannuation

Did you know that your ex may be able to claim half your superannuation, even if you aren’t married?

Although moving in with your significant other can be exciting, under certain circumstances, this could spell disaster for your superannuation.

Moving in together is an exciting time for people in relationships. Likely the last thing on your mind is what might happen in the event of a break-up.

paying superannuation death benefits

Paying Superannuation Death Benefits

Superannuation and Insurance
paying superannuation death benefits

A superannuation death benefit is a payment made by a super fund to a dependent beneficiary or to the trustee of a deceased estate after the member has died.

The trustee of the super fund should make this payment as soon as possible after the member’s death.

The form of the benefit payment, and who it is paid to, will depend on the governing rules of your fund and the relevant requirements of the Superannuation Industry (Supervision) Regulations 1994 (SISR).

what happens to your super when you die

What happens to your Super when you die – part 2

Superannuation and Insurance
what happens to your super when you die

Your super isn’t automatically included in your Will, unless you’ve given certain instructions to your super fund first.

Deciding who gets your super when you die isn’t as simple as having a Will.

That’s because Wills typically only cover assets you own personally, such as houses, cars, investments, jewellery and other personal items, whereas super is held in a trust for you by the trustee of your superfund.

what happens to your super when you die

What happens to your Super when you die – part 1

Superannuation and Insurance
what happens to your super when you die

If you die before all your super is withdrawn, your super fund typically pays a death benefit to your dependents, other nominated beneficiaries or your estate.

Death benefits include the balance of your super account plus an insurance benefit if you have been paying life insurance premiums from within your fund.

You need to nominate who you want to receive your death benefits when you die.

dividing business assets following divorce

Dividing Business Assets Following Divorce

Wills
dividing business assets following divorce

The life of a business owner involves long work hours, travel and utilising all resources (time, energy, money etc) to grow their business.

It is no wonder that the combination of these factors can cause a strain on relationships and in some cases, results in separation.

Separation is never easy, but it can be even more difficult for business owners.

This is because business owners have the added uncertainty of having their jobs (and often livelihoods) tied up in a business that is considered an asset of the relationship.