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You are here: Home > Services > Estate Planning

Estate planning involves much more than having an up to date Will. It is important to ensure that   your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries.

 

What is estate planning?

Estate  planning  involves   considering  what  will  happen  to your assets upon the death of you or your partner.  You may want to consider how to structure  your  estate  to ensure it is distributed according to  your  wishes and  ensure  your  family's interests are protected and tax minimised.


As
part of your estate plan, you will need to consider the following questions:

•   Is your  Will up to date?

•   Do you have adequate life insurance?

•   Are  there  any  tax consequences   how your assets are distributed?

•   Do  you  have a binding  death  benefit nomination for  your superannuation? and

•   Whether  an  enduring  power  of  attorney is appropriate for you?

If  you  own a business, you may also need  to consider implementing appropriate business succession plans.

 

Tax effective estate planning

The disposal of assets in accordance  with  your   Will  may  have tax  consequences, including capital  gains  tax (CGT),  that  you should  consider  when  drafting  your  Will  and  creating  your estate  plan.  There  are  many  strategies  you  can  use  to help make  your  estate  plan  as  tax-effective  as  possible  for  your dependants and beneficiaries.

For example:

•   The proceeds of an insurance policy paid from a superannuation  fund  are  tax-free  if  paid  to  dependants.

•   Distributing an asset (rather  than  the  proceeds  of  the  sale of  that  asset)  to  a  beneficiary  can  defer  any  CGT  liability.

•   Using  discretionary  trusts  can  help minimise  the  tax a beneficiary pays on receipt of an inheritance.

•   Using testamentary trusts  can  be  an  effective  way to provide  an  inheritance  to  young  children.

 
At SMC Advisers, we can help you investigate which strategies will   be appropriate  for   your  personal situation.

 

Our Estate Planning service is an important part of Family Wealth Management and will help you protect your wealth and provide peace of mind including:

 

·         Review your current situation and document your desired outcomes

·         Investigate the most tax-effective options to distribute your wealth to family and beneficiaries

·         Provide you with advice on the appropriate financial structures to manage your affairs so you can make informed decisions

·         We can consult with your solicitor or develop a document for you to use when you brief your solicitor.

 

 

For more information read the full Estate Planning fact file or contact us to arrange an appointment to discuss your estate plan.