What will happen to you, your loved ones and your assets if you become sick, are incapacitated, or die?
It's the conversation that nobody want to have, yet everybody must have.
We don’t have answers to these questions but what we do know is that it is vital to ensure, while fit, competent and able that you
safeguard your financial affairs by giving a spouse, relative or close associate your enduring power of attorney (EPOA).
This enables your EPOA to act on your behalf if you become sick, are quarantined for a long time or become incapable of managing your
financial or health affairs. In addition, your EPOA may be given the power to take your position as trustee of a
self-managed super fund if your deed allows. Each State has its own EPOA legal requirements which we are fully aware of.
As accountants & financial advisors we are best placed to truly understand your personal and business structure to discuss your wishes, identify a tax efficient strategy for your estate planning, and ensure this is all correctly articulated to the lawyer so that your Will truly reflects your intentions.
A testamentary trust is commonly used by estate planning lawyers to protect the assets and inheritance of the testator’s benefciaries from creditors, family law actions and providing flexibility in relation to the distribution of the estate.
There are limits on how much you can pay into your super fund each financial year without having to pay extra tax. These limits are called ‘contribution caps’.
Building Family Wealth takes time. But how easily can it be torn down in expensive litigation, legal challenges and regulatory and economic threat?
When deciding which investments are right for you, it is important to understand the trade-off between risk and return and how to manage investment risk.
By setting goals, planning ahead and being smart with your savings and debt strategies – you can actively grow your wealth even from a
modest start.
