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Estate Planning

Estate planning is an essential feature of any wealth management yet many clients fail to undertake effective estate planning. Often this is because they don't fully understand what estate planning is and what the effect of no estate plan will be.

What are features of estate planning Sydney:

  1. A valid will which indicates what happens to the individuals assets on death . It should also provide instructions for guardianship of children (if applicable) and appoint executors to administer the will.
  2. A valid superannuation nomination that indicates what happens to superannuation (and pensions) on death. Note that a will CANNOT instruct what happens to super.
  3. A enduring power of attorney. In the event an individual is temporarily or permanenet incapacitated their will does not commence. However, the individual lacks any capacity. Decisions about their health management, finances etc CANNOT be made by their spouse and may be made by medical staff or others. An eduring power of attorney ensures a trusts spouse, relative or friend can act with your best intentions until death or until health improves.
  4. A enduring guardianship instruction which appoints a guardian for the care of children in the event of incapacity rather than death. (If children are applicable); and
  5. A deed of mutual wills which applies to both spouses so that neither may change wills without the consent of the spouse. This is often important for "blended" families to ensure the new spouse does not defeat children of a deceased spouse from their inheritance.

What happens if I don't consider estate planning?

On death a person without a will is considered intestate. Their estate will be apportioned according to State law by the Public Trustee and this may depart substantially from the verbal intentions of the person during their lifetime. They will charge for this service and deduct this from the estate. If surviving relatives cannot be located the estate may be lost to the Government.

Potential beneficiaries may receive no inheritance or the proportion may be different from expectations. Families with children, those with adult children with disabilities and blended families are most at risk however a problem may also occur if spouses die within close proximity to each other or die at the same time in an accident (for example).

We have extensive experience is establishing the estate planning documents for clients using our preferred estate legal adviser. We are also experienced in attending to the taxation affairs of deceased estates and can support any trustee / executor with handling these complex affairs. In conjunction with EB Accounting the estate funds can be invested and earn income until distribution.

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Tax Specialists

We specialize in providing proactive tax planning strategies for our clients. High earning individuals and business clients can benefit by speaking to one of our tax advisors.

Bookkeeping

Good, fundamental book keeping will ensure that your accounts are up to date and give you proper control of your business. With over 85% of business failure attributed to poor financial control, skilled and professional bookkeeping will give you results that speak for themselves.

Superannuation Planning

Taking the time to plan for your future makes good financial sense. Ensure you have the money to live the lifestyle you'd like during your retirement.

Investment Properties

Preparation of negative gearing tax schedules for all investment properties. Including Depreciation Calculations and Special Building Write offs.