Estate Planning

It is all too easy to focus on accumulating wealth, but often we forget about the importance of planning for the transfer of wealth to our children or grandchildren when we are gone. We can show you how to preserve and manage assets when transferring them across generations through estate planning.

A valid Will may be fundamental, but there is so much more to consider if you want to be sure that your intentions are fully carried out after you’ve gone. A solicitor can certainly draft a Will in accordance with your wishes. However, they may not be able to advise you on how your assets can be most tax-effectively distributed

“We can advise you on how you can structure your estate to ensure your assets are distributed in a tax-effective way.

There are several areas where tax considerations may influence the structure of a Will. For example, assets that carry a Capital Gains Tax (CGT) liability generally don’t become due for CGT on inheritance, only on subsequent disposal. If inherited by a beneficiary with a low marginal tax rate, less of the benefit will be lost in CGT.

If you have a beneficiary with Centrelink benefits, they may be able to preserve their benefits by contributing part of their inheritance to a super fund or creating a complying income stream.

Your Will can allow for creation of a ‘testamentary trust’ that can protect assets for the benefit of younger children or others with special needs or those unable to manage their inheritance responsibly. Trusts may provide some tax benefits in certain situations.

An enduring Power of Attorney means a trusted family member and/or friend can make financial decisions in your interest if and when you are no longer able.

We implore our clients to have valid and considered estate plan in place and walk them through the process, bringing in our partner accredited estate planning lawyers to ensure valid decisions are made.

Contact Adviser

Contact Us