Many Australians think “estate planning” means drawing up a will and forgetting about it. While the first step in estate planning is, indeed, to draw up a will, there are a lot more things you can do to ensure a smooth transition and allow your heirs to keep more of their money. While we aren’t allowed to give individual advice on our blog and all information must be general in nature, here are some of the strategies we have suggested to various clients in our Perth office.
The Will
At Approved Financial Planners, we don’t create wills. However, we do provide referrals to trusted members of the legal profession who are qualified to make sure your assets go to whom you want, while taking full advantage of tax effective and innovative strategies. The will is the linchpin of your succession strategy.
Transfer of Assets
Some clients choose to start transferring assets while they are still alive. This can often have tax advantages and can help your heirs utilise the assets at an earlier age. For example, passing on a business can allow the heirs to run it more successfully while allowing you to forget about it and enjoy retirement.
Vital Estate Planning Factors
It is important to know all of your assets when planning your estate. This can include personal assets and investment assets, such as discretionary trusts, investment companies and self managed superannuation funds (SMSF’s).
Another important consideration is minimising taxes. This can include the creation of investment vehicles that provide long-term tax efficiency.
Many families have at least one “special situation” such as divorce, disabled beneficiaries or minor beneficiaries. These assets are usually protected on an individual basis depending upon the situation. Future death benefits also require attention in many cases to make them tax effective.
Call Approved Financial Planners in Perth Today
If you would like specific information, call us today for a free consult: 08 6462 0888.