Estate Planning

Planning the Future

Estate planning is the process of making the necessary arrangements during your life for management and disposal of your estate. The estate planning process contemplates your assets, how you earn a living and who you want to provide for when you have died.

The process of estate planning will look at potentially making changes to existing legal structures to maximise tax savings, asset protection and ultimately achiving your estate planning goals. We also take the time to learn more about your beneficiaries and their standing in life. We help you contemplate what their needs are and how your bequest will impact them when the time comes.

Things to consider

Business: If you own a business or are in a partnership, you need to consider what will happen when you die. Sometimes an understanding between people is not enough so it is important to plan now. We can guide you on the advantages of life insurance to assist in your estate selling your business or your share.

Tax Strategies: No one likes to pay unnecessary or too much tax. You have worked hard to build your estate so obtaining the right advice to make potential legal structure changes now could provide massive savings in tax in the future.

Centrelink: You or your beneficiaries may be receiving Centrelink benefits. It’s important to plan your estate in such a way to maximise any Centrelink benefits now or in the future.

Life Insurance: Considering life insurance is vital in your estate planning needs. Life insurance can be used to clear debt or fund an estate investment strategy. It can also assist your business partners to buy your share of the business out when you pass away if they don’t have ready available cash.

Superannuation: Super as with any other trust monies sits outside of your Will. Nonetheless it must be considered in your estate planning needs. We assist by examining how your entitlements in super or trusts are handled upon your death. We can help you by giving you advice on how to further structure and manage these financial vehicles in your estate planning needs.

Partnerships: Whether it is in business or an investment you have to consider what will happen should one of the partners die. We help you explorer your options and how to leverage insurance or other means to meet your estate needs.

Split Families: Looking after not only your surviving spouse but also your bloodline children can be challenging. We have a wide range of legal tools available to assist in keeping a roof over your loved ones’ head as well as for them to receive the fruits of your estate when the time is right.

A Client’s Story

Split Families: Michael, who is 68 came to us looking for help with his Will. Michael has remarried and has two children from his past marriage. Michael’s new partner Sue who is 66, also has three children from her previous relationship. Sue has health issues and both their children are working adults.

When Michael met Sue, Sue moved into Michael’s house which has mortgage of $165,000. Michael wants, when he passes, that Sue can live in his house but is worried Sue can’t pay the mortgage. He also wants Sue to be able to sell the house and use the funds to move into care if she needs it. When Sue passes away Michael wants any remaining money from his home to go to his bloodline children only.

We recommended Michael obtains a life insurance policy which would assist in clearing the existing mortgage giving Sue a debt free property to live in. This will then allow her to reside in Michael’s property until she passes or she may need the equity in the property to allow her to move into care. We gave Michael extensive estate planning advice and then prepared a Will for him which allowed a life interest to Sue. Once Sue passed away then the benefits from the property then flowed to his bloodline children.

Estate Planning & Wills

Estate Planning      |      Making Your Will      |      Updating Your Will      |      Will Trusts      |      Power of Attorney      |      Guardianship