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Asset Protection
Table of Pocket Summaries
Term |
Explanation
|
Pocket Summary |
| Binding financial agreement |
A binding financial agreement is a financial or property agreement between parties of a marriage or other non-filial domestic relationship |
Binding financial agreements |
| Clawback period | For bankruptcy purposes, the period during which an asset transferred away from personal ownership of the beneficiary can be "clawed back" by the trustee in bankruptcy into the personal estate of the bankrupt |
Bankruptcy clawback |
| Divisible income |
Such of a bankrupt's income that can be divided between creditors |
Bankruptcy clawback |
| Divisible property |
Such of a bankrupt's real estate and personal property that is owned by a bankrupt or is deemed to be owned by the bankrupt and is available for division between creditors |
Bankruptcy clawback |
| Domestic partner |
The term used for a spouse in states |
|
| Intellectual property |
Intangible assets that are created by a person's mind or intellect, eg trade marks, copyright, patents |
|
| Joint and several liability |
The partners in a standard (or managed) partnership (other than partners in a limited partnership) are jointly and severally liable for the debts and liabilities of the partnership |
|
| Obligated parent |
A person required to pay child support either out of the person's own income or via a child support trust |
Child support trust |
| Spouse | In superannuation, Centrelink, Veterans Affairs and most state and territory legislation, the term "spouse" has been redefined from its common law and equity law meaning to include all domestic partners - note that in many trust deeds the term has not been defined and may refer to the equity law meaning applicable at the time of the establishment of the trust |
Binding financial agreements |
Case Study - EPSS - Asset Protection
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Situation:
Luke and Elizabeth have so much in common - similar tastes, similar ambitions, similar political leanings and similar faith positions. They are both medical practitioners and alt...
EPSS Publications & Precedents
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The 9th edition of the Moores Legal Will Precedents and the 1st edition of the booklet, Estate Planning Documents - Pocket Summaries for Professional Advisors are ...