Estate planning is paramount. It is often overlooked by financial advisers and accountants.
Estate planning is specific planning to ensure:
Estate planning includes writing wills, setting up trusts, gifting to trusts, establishing Enduring Powers of Attorney, and planning ahead to avoid unnecessary consequences and taxes.
Successful estate planning is:
Avoids undesired outcomes including:
- Your spouse meeting a new partner and losing some of your family wealth in a separation settlement
- Your children losing their inheritance in the family law court (ie separation settlement)
- Your children not being mature enough to use their inheritance wisely
- Your spouse and/or your children losing their inheritance through business dealings.
It is important to note superannuation balances do not form part of a person’s estate, which is why superannuation estate planning is paramount. Moreover, it is not uncommon for a person's superannuation assets to be their greatest financial asset. This is even more relevant upon death if life insurance is housed in superannuation. There are two areas of superannuation estate planning that are often overlooked by financial advisers and tax accountants but are very powerful.
Using a SMSF as a vehicle for estate planning presents the following advantages:
Risk insurance cover should be determined having regard to tax and estate planning.
The main areas of tax include:
Our legal network of estate planning experts can assist you now.
For a confidential free discussion about your estate planning issues call us on 03 9348 0188
We are a firm of superannuation accountants that provide administration services required to ensure that your self-managed superannuation fund (SMSF) remains compliant with government regulations. Our services cover hassle free compliance, tax and administration for individuals, professional advisors and their clients.
PO BOX 1086, Carlton VIC 3053
Phone: (03) 9348 0188
Fax: (03) 9348 0148