Estate planning is more than simply preparing a will. Estate planning should take into account:
- An assessment of the overall your assets
- Possible reorganisation of our your affairs
- Restructuring to take into account capital gains and other tax considerations
- Consideration regarding possible claims against the estate
- The protection of assets against creditors or other risks relating to beneficiaries
A Continuous Process
Estate planning is a continuous process and must be reassessed whenever any major event occurs. Major events include:
- Marriage or divorce
- The purchase of a new major asset such as a property or other investment
- Starting up or the closing of a business
- The commencement or acquisition of a Superannuation or Life Policy
- Children marrying undesirable spouses
- Marriage of children appears troubled
- Where a beneficiary’s insolvency is imminent
- Where Tax laws change
- If a discretionary trust is established
|
Testamentary Trusts
Testamentary Trusts are one of the greatest planning tools available to every taxpayer and their advantages include:
- Protection of pension entitlements for surviving spouses and Beneficiaries
- Income tax advantages to Beneficiaries of a will
- Capital Gains tax advantages to Beneficiaries of a will
- Protection of Beneficiaries against creditors and bankruptcy
- Control of assets against spendthrift Beneficiaries
Contact R & M Legal for assistance in relation to your estate planning needs on 02 44 230155 or email us at: enquiries@rmlegal.net.au .
