What is Estate Planning
Estate Planning is the process in which a lawyer (and possibly an accountant and a financial adviser) works with a client to ascertain the client’s personal circumstances and financial circumstances. The culmination of the work is an estate plan that aims to provide
- wealth management outcomes for the client
- protection for the client and family
- processes for passing control of property to the next generation
Personal Circumstances
Your personal circumstances are important in determining an estate plan that is appropriate for you.
We can help you identify personal matters that are relevant to you and that may affect the decisions you make when dealing with your property.Examples of personal circumstances that may be relevant to you are set out below:
Marriage and/or de facto
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Birth of a child (or adoption)
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Separation
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Blended family
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Vulnerability
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Mental Capacity
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Will
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Statutory will
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Choice of executor
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Pension
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Financial Circumstances
Your financial circumstances will affect the decisions you make in preparing an estate plan. Are you commencing the business or wanting to retire from it? What are the provisions in your business documents that allow you to pass control to nominated persons?
We can review your documents and advise you on their suitability to enable transfer of control in accordance with your instructions.
Starting a business
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Business/ investment structure
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Business succession
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Acquiring life insurance
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Superannuation
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Risk of insolvency
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Loans and gifts to family
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Taxation of assets |
Legislation
Your personal and financial circumstances can be affected by legislative changes. For example proposed changes to negative gearing may impact on your decision whether to purchase an investment property.
Legislation that may affect you is set out below:
- Income tax
- GST
- Corporations law
- Family provision
- CGT
- Land tax
- Trusts
- Bankruptcy
- State and Territory duty
- Superannuation
- Family law
- Means tested benefits
Triggers for Review
It is important that you review your estate plan every 3 years or sooner if there are triggers that change your circumstances.
Contact us. We can help you review your personal and financial circumstances.