estate planning insights, tips and tricks
TRANSCRIPT
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Estate Planning
Insights, Tips & Tricks
What you need to know
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Consequences of getting it wrong?
Elder abuse
Successful claims against the estate
Beneficiaries missing out on their inheritance
Significant tax liabilities
Significant legal costs
Loss of social security benefits
Family relationships destroyed
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Who will look after your affairs if you lose
capacity?
Who will raise your children if both parents die?
Do any beneficiaries have special needs?
Is there a possibility that someone will make a
claim against your estate?
Examples of matters to consider
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Why make a Will?
The right people benefit
Avoid stress and financial expense for your family
Choose your executors and trustees
Appoint a guardian for children under 18
Ensure beneficiaries receive their inheritance at a time that you think would be appropriate
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Estate and non-estate assets
Estate assets often include:
possessions (e.g. furniture, motor vehicles and jewellery)
property
money in bank accounts, shares and managed funds
future estate assets (e.g. trust allocations and
Non-estate assets generally include:
most superannuation and life insurance death benefits
assets held in family/discretionary trusts
some life interests, pensions and annuities.
jointly owned assets
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Blended families
Obligations to current spouse and (step)children as well as obligations to the ex-spouse and (step)children from that relationship
Useful strategies to ensure beneficiaries are taken care of include:
Mutual Wills
Life Interest Trusts
Use and Enjoyment Trust
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Enduring Power of Attorney &
Enduring Power of Guardianship
Enduring Power of Attorney – allows you to appoint someone to take care of your investments and other
matters if you become physically or mentally impaired
unable to manage your affairs.
Enduring Power of Guardianship – allows you to appoint someone to make personal, lifestyle and sometimes
decisions on your behalf in the event of you losing legal
capacity.
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4 Reasons to consider a
Testamentary Trust Will
Tax
Divorce
Death
Asset protection
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Testamentary trusts
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Reason 1: Tax
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Reason 1: Tax
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Reason 2: Divorce
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Reason 2: Divorce
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Reason 3: Death
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Reason 3: Death
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Reason 4: Asset Protection
For every home in Australia lost to fire there are 22.5 homes lost due to bankruptcy. The top 5 reasons for bankruptcy are:
Job loss
Divorce/separation
Debts and credit cards
Poor health
Litigation
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Reason 4: Asset Protection
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Conclusion
Estate planning is complicated but can be made easier with the right advice
Talk to your Bentleys Financial Adviser who will work together with you and your legal adviser
Speak to us after the presentation to organise an appointment
Nick Gahan
Senior Financial Advisor
Authorised Representative of Count Financial Limited
08 9226 4500
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Disclaimer
This presentation has been prepared by Nick Gahan, an Authorised Representative of Count Financial Limited ABN 19 001 974 625; AFSL 227232 ("Count") a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 and is for general information only. Count advisers are authorised representatives of Count. Count is a Professional Partner of the Financial Planning Association of Australia Limited.
Information in this document is based on current regulatory requirements and laws as at 30 March 2012, which may be subject to change. While care has been taken in the preparation of this document, no liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this document. The relevant PDS should be considered before making a decision about any financial product. Taxation considerations are general and based on present taxation laws, rulings and their interpretation and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.
Case studies in this presentation are for illustrative purposes only and do not represent actual returns. Individual circumstances may vary and this will alter the outcome.
This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.