Now claiming something is the best is a big call, particularly in the SMSF industry which is currently in excess of $800B, but we stake our claim thanks to the following five reasons:
1. It’s Original
The majority of deeds in the market are obtained by lawyers from a range of precedent suppliers which have been created by – “who knows” but more importantly do they have any SMSF legal credentials?
The LightYear Docs SMSF deed was authored by Grant Abbott, specialist SMSF consultant at Abbott & Mourly Lawyers, known as the Godfather of SMSFs. This is Grant’s fourth deed he has created throughout his career. Every word is original and has been upgraded for cases, laws, and strategies since that time on a quarterly basis.
2. It’s not a Band-Aid on an Old Deed
Which would you prefer to drive, a 1994 car that has been kept in good condition or a car that is only two years old? It’s chalk and cheese as the 1994 car would not have a lot of the modern technology, is clunky to drive and worn out, even if it was beautifully refurbished. It is the same with an SMSF trust deed. For those lawyers who do have original deeds, many of them date back to the nineties and have been changed or a band-aid applied as laws change. The LightYear Docs deed is the latest in strategies and modern SMSF thinking and being Grant’s fourth – each one gets better. Grant has written new deeds, apart from the original for major changes including the 2007 Simpler Super changes and the big changes made in 2017. There are no band-aids at Abbott & Mourly or LightYear Docs.
3. Provides unique, vital, and secure strategies not seen in other SMSF deeds
There is a wide range of strategies unique to the Abbott & Mourly, LightYear Docs SMSF deed including:
i) Implementing a SMSF Living Will which provides directions to your Trustee of what is to happen in the event you are incapacitated with a sickness, quarantined, or have dementia. This is crucial to put in place so that your enduring power of attorney becomes your replacement trustee, able to implement and execute your wishes in a binding manner.
ii) Implementing a SMSF Will which provides directions to your Trustee on what is to happen in the event of your death. This is crucial to put in place, so your Executor becomes your replacement trustee and is able to implement and execute your wishes in a binding manner.
iii) Implementing a SMSF Death Benefits Trust, which is a special purpose testamentary trust created by the Trustee of the Fund for adult children and grandchildren who are blood relatives. This trust does not form part of the estate so it cannot be challenged in any contested estate by a person who feels as though they have not been provided enough in the testator’s will.
4. Upgrade to a Family Wealth Protection Family Lineage SMSF Deed
At Abbott & Mourly and LightYear Docs, we know our SMSF stuff – Grant has five professional SMSF adviser books published. He has trained more than 1,500 SMSF specialists, and has written the advising standards for providing SMSF advice. But life is not all about standards. You don’t expect each and every one of your clients to drive a blue Toyota and it is the same with an SMSF deed.
At LightYear Docs we have in our stable a special type of SMSF known as the Leading Member SMSF that is unique and allows:
i) One member, the Leading Member to be the sole trustee or director of a corporate trustee even though the fund may have multiple members
ii) Ensures the Leading Member has veto power over all fund decisions and is to ensure, if the member wants, that all benefits on death are paid to blood relatives dependants and non-dependants
iii) Enables the Fund to take up to six members with each member having their own separate investment account.
5. Integrated accompanying SMSF strategy documentation
The SMSF Deed is only the start of the journey. The Superannuation Industry Supervision Act 1993 which provides the legal background for an SMSF includes vital documents such as investment strategies, limited recourse borrowing arrangements, multi-generational reversionary pension, SMSF Will, SMSF Living Will, and even the SMSF death benefits trust to form part of the Fund’s governing rules. The Trustee, advisers, auditors, and accountants must abide by these documents or else face a fine, legal suit for loss or damages and in some cases imprisonment. BUT in order for them to be effective, they must be tied into the SMSF deed and as many of these strategies are proprietary to Abbott & Mourly. You will not find a SMSF deed like it on the market, leaving all others looking ‘plain vanilla’ in comparison.
How comfortable are you with your current document provider? Do you feel they are providing safe and strategic documents? We have provided a brief introduction to the author of our SMSF deed so you know we come with experience and passion.
Grant Abbott has a Master of Laws specialising in tax and superannuation law. He has been at the forefront of self-managed super fund thinking since 1994. No one in Australia has spent more time on SMSFs than Grant.
His notable achievements in the SMSF industry include:
Development of the leading training course for advisers providing advice in self-managed super funds with more than 1,500 participants having become SMSF specialists;
Writing on super fund issues on behalf of many major financial services publications including the SMSF magazine, SMSF Adviser and Money Management;
Publishing a specialist SMSF journal with more than 100 editions; Authored the – “Guide to Self Managed Super Funds” for CCH professionals including lawyers, financial planners, and accountants. The book in its third edition has become a best seller and provides technical and practical tips on establishing, building, and managing a self-managed super fund. CCH has also published the “SMSF Strategy Guide” written by Grant.
Making numerous submissions to Treasury and Government on various SMSF issues
The founder of the Self-Managed Super Fund Professionals Association of Australia (“SPAA”) now the SMSF Association;
The Chairman of the Succession, Asset Protection and Estate Planning Advisers Association;
Providing advice, technical support, and product development for all the major banks – both in Australia and overseas as well as the major financial planning and accounting organisations. Along with preparing self-managed super fund professional standards for the entire financial services industry.
Grant has presented on more than 1,500 occasions to more than 100,000 SMSF Trustees and professional advisers and has launched his fifth book, “The Guru’s Guide to SMSFs” to critical acclaim.
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