Wealth can easily be lost across generations if the right decisions are not made to properly transfer and protect wealth.
Estate Planning is a way of ensuring that a person’s estate is passed on to their beneficiaries in the most financially efficient and tax effective way possible.
A good Estate Plan needs to incorporate for all of the following;
- Joint Assets
- Life Insurance Proceeds
- Superannuation Death Benefits
- Trust Assets
- Company Assets
- Partnership Assets
- Guardianship of Children
There are also other issues that need to be considered, should you become incapable of making decision for yourself whilst alive. These are often not considered and cause great angst amongst family members if not sufficiently provided for. These include;
- Enduring Powers of Attorney
- Rules For Special Health Matters
- Advanced Health Directives