This topic is concerned with the efficient use and intergenerational transfer of the asset base currently controlled by the aged and the ageing population.
A vast amount of wealth is held in entities under the control of the aged and the ageing population. The assets held in those entities have a very significant affect on Australia’s economy and it is important to protect the economic benefits of those assets in intergenerational succession, to ensure that succession is efficient and is protected in the meantime.
It is critical for the legal profession to lead the community in examining these issues, reviewing its present and likely impacts on the community and their client, to alert Government and the community to necessary reforms and to be able, by skilling up, to fully advise clients.
Consequently, it is important to review and to identify impediments to the efficient and productive use of those assets during the later years of an ageing population, to ensure efficient and orderly intergenerational transfers of those assets and to devise pervasive legal solutions to ensure that those assets are not dissipated or diverted from their prime value as sources of loan able capital.
Components of the ITOW project include:
The Uniform Succession Laws Project – this project promotes the adoption of uniform succession laws throughout Australian jurisdictions.
Without endorsing every substantive recommendation of the Law Reform Commission’s reports, ELRI advocates and supports the adoption of a uniform position and a mutuality of approaches and acceptance of grants across Australian jurisdictions.
ELRI’s position is that the lack of mutual acceptance and common regulation results in significant economic waste, reduction in transferring wealth and an exacerbated systemic failure over Australia’s (Intergenerational Transfer Of Wealth) ITOW period.