Download - Should Children Be Members of Your SMSF?
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
SHOULD CHILDREN
BE MEMBERS OF
YOUR SMSF?
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
What You’ll learn:
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
What You’ll learn:
Whether or not
It’s a good idea.
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Let’s start
with the pros
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Financial literacy
Teaches your children
to understand
money
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You can have up to
Members in an SMSF 4
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Introduce your
teenager to your smsf
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Introduce your
teenager to your smsf
When they start work
And start receiving
Small amounts of super
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They will become
Actively involved
In the investment
Of their super
savings
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And will already Be ahead
of the Majority of people When
it comes to savings and
Wealth creation
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Another benefit...
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Another benefit...
Inter-generational
transfer of family assets
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Like a farm
Or family business
property
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
what about the
cons?
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Hands in the
cookie jar
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Making your children
Members gives
Them Access to the
resources Of the fund
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Relationship
breakdown
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Relationship breakdown
Nothing is beyond
The reach of the
Family court
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Control on death
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Control on death
Who has control will
be the most factor
important When carrying
out the wishes of
a deceased member
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considerations
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make sure
the child’s
benefits are
segregated
From the
parents
assets within
the fund
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Minors cannot
act as trustee
until they are: 18
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Don’t invite adult children to be
a part of your smsf.
Their needs, motivations and family
situation are very likely,
different to yours.
conclusion
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Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Want more?
Keep up-to-date
on twitter.
@QuillGroupAus
This post originally appeared on Superfund partners