Date post: | 06-Apr-2017 |
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Economy & Finance |
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WhatisEstatePlanning?
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• Passingonassets inthemosteffectiveway
• Animportantpartofyourfinancialplan
Wills
• Whenanindividual dieswithoutaWill,theyaresaidtohavedied‘interstate’
• IntestacyruleswillapplytodeterminehowtheEstateistobedistributed
• Theserulesmaydictatedistributions tobeneficiariesthatwerenotclosetothedeceasedatall
• TheCourtwillappointanadministrator toadministertheEstate
• Priority toadminister theEstatewillbetoasurvivingspouse (ordomesticpartner)andthentothedeceasednextofkin
WhatifIdon’thaveaWill?
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ShouldIMakeaWill?
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WhatisaWill?
• TestamentaryCapacity
• AdoctorsAssessment?
• Thetechnicalities ofaWill
Yes,Absolutely!
• Identifyyourassets
• Makeadequateprovisionforchildrenandspouse
• Inadequateprovisionmayleadtolitigation
• AlteringyourWill
• Seekprofessionaladvice
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ASimpleoraComplexWill?
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WhoshouldbeanExecutor?
• Atrustedperson
• Executormanagesanddistributes theEstate
• CantheExecutorbeabeneficiary?
• MisplacedyourWill?
• Theprocessofadministering anEstate
WhatdoIleaveinmyWill?
• Realproperty,shares,cash
• Jointtenantsortenants incommon
• SuperannuationandLifeInsurance?
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Probate– Whatdoesitmean?
• CanIleavemyassetstowhoeverIwant?
• Dependants
• TestamentaryTrust
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Whocanbebeneficiaries?
• WeformpartoftheEstatePlanningTeam
• Weassisttoensurethatourclientsintentionsaregiveneffect
• WecompilefinancialdatathatwillberequiredintheEstate
AdministrationProcess
• Wedealwithtaxationissuesafterdeath
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WhatrolecanHillRogersplay?
CanmyWillbechallenged?
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• TestorFamilyMaintenanceClaim
• Makeproperandadequateprovision
• CostsoflitigationcoulddiminishEstate
value
Yes.
Whocanmakeaclaim?
• Spousesandformerspouses
• Defactopartners
• ChildrenandGrandchildren
• Apersonwhowasatsometimepartlyorwhollydependentonthedeceased
• Peoplewhohadaclosepersonalrelationshipwiththedeceased
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Howcanyouminimiseapotentialclaim?
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• EnsuretheWillcomplieswithallstatutoryformalities
• EnsureadequateprovisionismadeintheWill
• Giftassetsprior todeath(notingthetaxation implications)
• Accumulateassets inaDiscretionaryTrust
• TheuseofLifeEstates orTrustsgivingtherightstoresidence
• TheuseofaTestamentaryTrust
• TheuseofSuperannuation
Herearesomestrategies
• DoIhavecapacitytomakeaWill?
• WhatassetsandliabilitiesdoIhave?
• DoIunderstandtheirownershipstructure?
• DoIunderstandmyfinancialstructure?
• Whoshouldreceivemyestate?
• HaveIdiscussedmyintentionswithbeneficiaries?
• HaveImadeadequateprovisionsforthem?
• WhoshouldbenamedasmyExecutor?
• Whenisthe lasttimeIreviewedmyWill?
• WhereismyWillstored?
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Issuesforyoutothinkabout
Aboutthespeaker
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With over 40 year’s in professional practice, Fred advises clients in:
• Income tax
• Structuring for asset protection
• Succession planning
• Retirement planning
• Estate planning and management.
Fred is an Executor of numerous Estates and holds Directorships of many private companies.
His directorships have included International Chambers of Commerce and Not for Profitorganisations including the Skin & Cancer Foundation Australia and the Italian OperaFoundation Australia where he is currently both a Board Member and Treasurer.
FredScali- Director,BBus,MBus(TaxLaw),FCA,CTA
Services:Taxation,HighNetWorthIndividualsandProfessionals
t:+61292325111d:+61292200303e:[email protected]:www.hillrogers.com.au
t+6129232 5111 f+6129233 7950www.hillrogers.com.au | [email protected]
Level5,1ChifleySquare,SydneyNSW2000AustraliaGPOBox7066,SydneyNSW2001
H.R.P.HPtyLimitedpracticingasHillRogers|ABN12003718 518MemberofKSi International,anassociationofglobalindependentaccountingfirms.LiabilitylimitedbyaschemeapprovedunderProfessionalStandardsLegislation.
Disclaimer:HillRogersAdvisoryPtyLtdNone of the materialcontained in this publication is, or should be regarded aspersonal or financial product advice. Accordingly, no person should rely onanyof the contentsof thispublicationwithout first obtaining specific advice from HillRogers. Every effort has been made to ensure that the content is accurate,however it is not intended to be a complete description of the mattersdescribed. Hill Rogers, its Principals and agents accept no responsibility to anyperson who acts or relies in any way on any of the material without firstobtaining such specific advice.