Planning how, and who, you will leave your estate to requires careful consideration.

Estate planning ensures that the wealth you have built is transferred to your beneficiaries smoothly, tax-effectively and most importantly, according to your wishes.

Your estate plan may also include putting structures in place to aid a tax effective transfer of assets, drawing up legal documents such as powers of attorney, having provisions to provide for your family or setting up a charitable legacy.

At Lifewealth we use the services of an experienced Estate and Trust specialist Lawyer and work proactively with them as part of preparing your Estate Plan.

Many people don’t realise that not all Wills are the same. There is a big difference between a basic Will, and a comprehensive one. We make sure you get the right Will, to suit your needs.

We will ensure your plan will help protect inheritances from bankruptcy and family law issues, save tax and ensure control of an inheritance is handed over when you want it to be.

Would you like to achieve any of the following:

  • Allow your beneficiaries to minimise or eliminate tax on income generated from their inheritance;
  • Protect your beneficiaries’ inheritance in the event of divorce or bankruptcy;
  • Minimise or avoid death benefits tax (which can be as high as 31.5%) when distributing your superannuation benefits;>
  • Ensure vulnerable beneficiaries are protected from themselves due to, their age, mental health, drug addiction, gambling or other vulnerabilities;
  • Ensure children are older than a certain age when they receive their inheritance;
  • Achieve potentially significant capital gains tax savings on assets distributed through your estate;
  • Ensure that if your surviving spouse remarries, your assets pass to your preferred beneficiaries and not to a new partner; and
  • Ensure that your assets don’t pass to an in-law or former spouse but to your intended beneficiaries.

 

Estate planning is essential for everyone, but is particularly important if you:

  • Have married, become de-facto, separated or divorced;
  • Have children or step children;
  • Have family members with special needs;
  • Have recently bought or sold major assets;
  • Are buying, selling or operating a business; or
  • Have a family trust, DIY super fund or company.