It is all too easy to focus on accumulating wealth, but often we forget about the importance of planning for the transfer of wealth to our children or grandchildren when we are gone.

Your Specialist Wealth Group financial planner can show you how to preserve and manage assets when transferring them across generations through estate planning.

Importance of a valid Will

A valid Will may be fundamental, but there is so much more to consider if you want to be sure that your intentions are fully carried out after you’ve gone.

A solicitor can certainly draft a Will in accordance with your wishes. However, they may not be able to advise you on how your assets can be most tax-effectively distributed. This is where a financial planner can assist you.

Taxation

A Specialist Wealth Group financial Planner can advise you on how you can structure your estate to ensure your assets are distributed in a tax-effective way.

There are several areas where tax considerations may influence the structure of a Will. For example, assets that carry a Capital Gains Tax (CGT) liability generally don’t become due for CGT on inheritance, only on subsequent disposal. If inherited by a beneficiary with a low marginal tax rate, less of the benefit will be lost in CGT.

Social security

If you have a beneficiary with Centrelink benefits, they may be able to preserve their benefits by contributing part of their inheritance to a super fund or creating a complying income stream.

Testamentary trusts

Your Will can allow for creation of a ‘testamentary trust’ that can protect assets for the benefit of younger children or others with special needs or those unable to manage their inheritance responsibly. Trusts may provide some tax benefits in certain situations and also some asset protection.

Superannuation Proceeds trusts

Your Will can allow for creation of a ‘Superannuation Proceeds trust’ that can protect assets for the benefit of younger children or others with special needs or those unable to manage their inheritance responsibly. Trusts may provide some tax benefits in certain situations and also some asset protection.

Power of Attorney

An enduring Power of Attorney means a trusted family member and/or friend can make financial decisions in your interest if and when you are no longer able.

Enduring Guardianship

An enduring Guardianship means a trusted family member and/or friend can make lifestyle and medical decisions in your interest if and when you are no longer able.

Look after your loved ones. See the difference advice can make and ask your Specialist Wealth Group financial planner about estate planning services.

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