Many people are reluctant to plan financially for their death, and it’s not simply a matter of passing money to heirs. Far more tax-effective techniques are available which can make inheritance simpler.
Tag Archives | estate planning
The final act in the Colleen McCullough drama was a messy court case pitting her former husband against a Foundation, and featured unreliable witnesses the court did not trust.
Retirees should discuss goals and plans with their adult children, including wills, finances, consequences of incapacitation and current plans. Includes a suggested ‘Goals and Plans’ document to kick off the conversation.
The success of this claim on John Hemmes’ estate and the unexpected amount involved provides a reminder to ensure you have a robust estate plan in place.
The implications of the superannuation reforms did not end in 2017, and SMSF trustees should stocktake what they can do, especially focussing on the CGT and the unique definition of retirement for super.
An SMSF’s governing documents, including the trust deed, should specify trustee structure in the event of the death of a member, to ensure that the deceased’s estate plan is realised.
Unlike the rest of a person’s estate assets, a will has no power over the decisions of trustees of a superannuation fund when it comes to the payment of a death benefit.
Where both husband and wife are elderly and receiving an age pension, the structure of the will can significantly improve the pension and personal outcomes on the death of either person.
It’s often assumed one of the primary aims of wealth accumulation is to leave money for the kids, but retirees realise their own longevity means they need to look after their retirement first.
The July 1 super changes will encourage many people to reconsider their estate planning, and the role of testamentary trusts should be part of the process. The range of choices has moved far beyond a will.
Rule changes are causing modifications in expert advice on super beneficiaries and estate planning, and this checklist can guide your decisions or discussions with your chosen adviser.
The transfer balance cap affects the amount of a deceased member’s benefits that can be paid to the surviving spouse as a pension or income stream, but there’s a way to retain it in the super system.
Using the example of an artist’s body of work being highly sought-after once the artist dies highlights the importance of appointing the right executors – ones that will handle your affairs the way you intended.
Superannuation remains the most tax-effective savings vehicle for most Australians, but the new limits on caps and amounts in pensions will encourage wealthier investors to consider alternatives.
The last article in our series on small APRA funds explains how SAFs can provide estate planning solutions in unique circumstances, including blended families, second marriages and adult children with special needs.
Estate planning involves making a lot of difficult decisions. In Part 3 of this series, three often-overlooked issues are explored: power of attorney, superannuation death benefits, and insurance.