Are Legal Fees for Wills Deductable...

[Boof]

Hi All,

Just spent 15min with a solicitor to have our wills and POA's drawn up (newly married, new financial adviser, new house)

Are his fee's tax deductable? We have a few IP's, shares, SMSF etc. So was wondering if it is claimable

Thanks

Boof

 

[Ajax]

Are the legal costs of having a will drawn up "expenditure incurred in the gaining of assessable income"?

Its actually a good question..don't know the answer.

I wonder would it be a different answer if you were setting up a testamentary trust that would be earning income for possibly many years after you passed away. Would this be a deduction by you or by your estate?

Are the legal costs of setting up an ordinary (inter vivos) trust dedectible? By whom?

Why don't you ask the solicitor who drew up the will.

 

[Boof]

He had no idea!

 

[Rixter]

Boof I strongly suggest you run 'your situation' past your chosen tax professional. Hearsay on a public internet forum wont stand up to ATO scrutiny.

Hope this helps.

 

[Sim]

Nope - fees for will preparation are not deductible

 

[LynnH]

We have just been through this process recently - the fees are NOT deductible.

Cheers
LynnH

 

[josko]

We have just been through this process recently - the fees are NOT deductible.

Cheers
LynnH

Hi Lynn,

Can I ask how much it cost? I can imagine yours would be quite complicated, as mine would be.

Regards JO

 

[LynnH]

Jo

Have sent you a PM.

Cheers
Lynn

 

[Boof]

Thanks for the reply's!!

Rick, I was just after an opinion not advice.

Boof

 

[Rixter]

Thanks for the reply's!!

Rick, I was just after an opinion not advice.

Boof

No probs Boof....whats does your advice say?