Hi all, Would appreciate an opinion on the following. I am try to assist some clients in understanding their current situation, and in turn to seek professional Estate Planning advice from an appropriately qualified specialist. Scenario: • Client 1 is widowed with three adult children, and has now met new partner (Client 2) who also has three adult children. • Together, they have purchased a new principal residence and business (Joint tenants). Client 1 used the family house that she wishes to leave her three adult children as security for the new lending required to purchase new PPR and Business. • Her desire is that half of any non-estate assets (i.e. Jointly Held assets with new partner) be split 50/50 between herself and Client 2 in the event that she predeceases. • Both clients are too old for Life/TPD insurance to be an affordable consideration. In light of this situation, could anyone help me to understand the following; • Given a mortgage is held against the old PPR for securing debt with new partner, could title transfer to the children of client 1? What issues are there to consider? • One thought is that the clients should potential change their ownership structure. Were the clients to change ownership from Joint Tenancy to Tenants in Common, would there be any stamp duty or capital gains tax issues to consider? Logic says no, but legislative reference would be fantastic if you have some? How would they effect such a transfer if deemed appropriate? • Can a life tenancy agreement be implemented in combination with what are effectively Call/Put options, such as “If Client 2 suffers ill health and can no longer take care of his financial affairs or decision making, the family of client 1 would have the option to purchase the 50% share of the business from Client 2”, or Perhaps a Life Tenancy agreement would have some of these issues considered already. I have not seen one before. Perhaps you have a copy of an example, or could direct me to one? • Client 2 is older than Client 1. If they both passed away at the same time (e.g. car crash or plane crash – not a nice thought I know!) is it the case that the older spouse is considered to have predeceased the younger spouse, thus transferring jointly held assets into Client 1’s estate? If this is not correct, could you explain what may be the likely outcome? Thanks in advance guys.... If you need any further information let me know! Lloyd.