Already a subscriber?An estranged daughter devising a plan to murder her father with a crossbow was not enough to prevent her from successfully challenging his will and winning a share of his $12.4 million estate.
Peter Joss, the father, had refused to pay for her gender change, but continued to support her financially by providing a weekly allowance, paying credit card bills and buying her an apartment. Academic analysis of contested wills by the University of Queensland shows that nearly three in four actions are successful. The research was conducted about 10 years ago, but lawyers say the findings reflect contemporary conditions.The growth in blended families and potentially competing rights of natural and adopted children is another growing ground for actions over succession and the validity of wills, the analysis shows.
Balalovski says many feel they have “almost nothing to lose” because of “free” legal advice from “no win, no fee” lawyers, or the expectation that the deceased’s estate will cover the cost of a successful action. “We have to make an assessment of the costs in defending the claim,” says Tighe, who is a dispute resolution specialist. “Some actions are opportunistic and frivolous and we don’t settle those. Others simply want something to make them go away.”
However, gifts can create tax liabilities and affect the giver’s eligibility for welfare payments, such as the age pension. The allowable amount for gifts, which is the same for a single or couple, is $10,000 in one financial year or $30,000 over five years. Income distributed to children is taxed at ordinary adult marginal rates , which means the total amount that can be earned before tax each year is about $25,000.
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