Estate Planning

It's never too soon to get your affairs in order.

As unpleasant as the task is, estate planning is one of the necessities of life, but the truth is, good estate planning is much, much more than just having a will.

Good estate planning allows you peace of mind knowing your hard earned assets will be dealt with in the manner you intended. What's more it ensures that unnecessary dollars are not paid out in taxes. Good estate planning ensures that the maximum possible asset base is available to be distributed to your loved ones.

At LMP Accountants we have developed a high level of expertise in this area, using our skills, working in close conjunction with solicitors and financial planners from our allied professional team.

We ask that you consider these points:

  • We all care about our families and partners but do we care enough to plan for the eventuality of death?

  • Have you made provision for your family's immediate cash needs following your death?

  • Will there be enough money to provide for your family's future needs?

  • Will your estate have sufficient funds to cover your debts?

  • Will your death (and hence your current will) undo any asset protection strategies already implemented?

  • Nearly one in two marriages in Australia breaks up, often resulting in unintended asset distribution on death.

  • Are you sure you have a current, effective will?

  • Could your will be challenged?

  • Have you identified any capital gains tax issues?

  • Have you considered the timing of the distribution of your capital and income bequests?

  • Are there any special factors you need to allow for?

  • Have you considered time to consult us?

If any of the above points have started you thinking, it's time you consulted us about estate planning. It involves arranging your estate or business so that should you or your partner pass away, the right funds go into the right hands at the right time. This gives you peace of mind, and your family the benefit of having a plan, which will take care of their needs and distribute the funds in the best possible way.

It is good practice to address estate planning issues early before they turn into problems, for further information…

 
ESTATE PLANNING NEWS
The ATO fires off warnings on trust distributions
The ATO fires off warnings on trust distributions

The ATO has warned that it is looking closely at how trusts distribute income and to who.

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LMP update - we are still here for you
LMP update - we are still here for you

Due to Stage 4 restrictions, we will all be working from home as of tomorrow - Thursday 6 August 2020.

Please rest assured we can still be contacted on our normal office number and email addresses. If you are unsure of who to email please email info@lmp.com.au or contact your regular team member.

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Calculating Super Guarantee: The new rules
Calculating Super Guarantee: The new rules

From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.

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'Proof of life’ certificates required for overseas pensioners
'Proof of life’ certificates required for overseas pensioners

One of the stranger pieces of legislation to be introduced into Parliament last month is an attempt to ensure that overseas welfare recipients over the age of 80 are in fact, alive.

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How seriously do you take estate planning?
How seriously do you take estate planning?

Living a financially organised life inevitably also means preparing for a financially organised death.

Having a sound estate plan in place is more than just writing a Will, and is definitely not something that should be left until the last minute. Developing a strategic estate plan is essential when you are planning for retirement. So, where do you start?

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Seek financial advice, not just legal advice, when you separate
Seek financial advice, not just legal advice, when you separate

For most people the end of a relationship is an extremely traumatic time, and there are very few couples who go through this process without seeking the professional advice of a family lawyer.

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What do you think would happen if......?
What do you think would happen if......?

It’s a sad fact that life does not always go to plan. While we logically know that, most of us don’t plan for the worst - it’s all a bit morbid and time consuming.

The downside of not planning is the potential for hard earned assets to be squandered, family fall-outs, and money handed to the Government that could have been distributed in accord with your wishes. If you are a business owner, then the stakes are even higher.

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Do you have a Will? What happens if you die without one?
Do you have a Will? What happens if you die without one?

Let’s face it, thinking and talking about death and what happens there after can be a pretty morbid affair…but what if you don’t?

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Bad Deeds: Is your SMSF at risk?
Bad Deeds: Is your SMSF at risk?

Your SMSF’s trust deed is its rulebook. If the deed does not allow or recognise something then the trustees can’t do it. Despite this, a lot of trustees are unaware of what their trust deed says – it was just something that was required when the fund was established. The problem with any document is that unless you amend it, it is only current for the circumstances that existed at that time. However, the law changes regularly and so do individual circumstances. 

This month, we shortcut the review process and highlight the key SMSF trust deed problem areas.

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