Dominique Perry from Townsends Lawyers has produced a two-part overview looking at whether a discretionary trust protects beneficiaries. This is the first in the series.
Bankruptcy
Bankruptcy and SMSF trusteeship
Bankruptcy is a serious issue for anyone but additional caution needs to be taken by members of SMSFs. The superannuation laws expressly disqualify any undischarged bankrupt person from acting as a trustee or director of corporate trustee of a SMSF and this disqualification extends to persons who are bankrupt under the laws foreign countries.
Townsend Lawyers is a leading independent law firm, specialising in commercial and business law, corporate advisory, tax, estate planning, superannuation, insurance, trusts and SMSFs.