A basic estate plan should have 3 essential documents including a Will, Power of Attorney and Enduring Guardianship. As you can see from the diagram below, a Will covers your assets in the event of your death whereas the Power of Attorney and Enduring Guardianship cover your affairs in the event of your incapacity. All three documents are equally as important given they cover off on different scenarios. More information on each document is outlined below.
Tag Archive for: assets
Christmas is an exciting time of year, one filled with love and laughter, but also quite a hectic time of year getting presents ready for family.
Finishing off jobs at work can cause emotions to rise and the stress that comes with it. So can you imagine what would happen in the event that your work involved not only ensuring that everything was done by the strict deadline of Christmas, but also fulfilling the wishes of billions of people around the world?
Christmas is that wonderful time of the year when we shower our loved ones in gifts to celebrate the festive season. While it’s a joyous time for both those who are giving and receiving its important to forward think and know the ramifications associated with gifts in a Family Law and Estate Planning context, particularly substantial monetary gifts.
Let’s imagine Mr and Mrs Claus want to give one of their elves $100,000 to help he and his new elf girlfriend buy a new pad in the North Pole. It’d be important that Mr and Mrs Claus to be wary of whether they are giving the $100,000 to their elf or to both he and his girlfriend and also whether it is it in fact a gift or a loan?
Australians are known to love property as an investment vehicle. Generally this has been achieved by borrowing from a bank to purchase property before paying it off over time. Since 2007 self managed superannuation funds (SMSF) have been allowed to borrow money to acquire property, which has seen a large increase in the amount of SMSFs and the amount of property owned by SMSFs.
What is a SMSF?
A SMSF is a superannuation fund that has four (4) or fewer members and is an alternative to retail and employer sponsored superannuation funds. In a SMSF, the members (who are subject to strict rules) have control over the superannuation fund, its investments and decisions.
The end of the financial year is upon us and it is a good time to consider these 5 handy tax tips…
1. Superannuation
Do you have any employees whom you are paying superannuation? Superannuation is not tax deductible until it has been paid, accordingly you must pay before 1 July 2015 to be able to claim your superannuation tax expenses and be able to reduce your income tax bill.
Divorce and the associated financial and parenting issues can be one of the most emotionally draining and financially crippling experiences that a person can endure. Conversely the process can be handled with dignity and respect.
Here are 6 tips to help you avoid a messy and expensive divorce.