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Estate Planning Accountant

Estate Planning is more than just merely having a documented will. If done properly with a trusted estate planning accountant like PTS Advisory, you will be guaranteed that your assets will be well protected and your wealth will be transferred smoothly, according to your wishes and effectively tax concurring with the standards of Australian Taxation Office (ATO).

Estate planning needs a holistic and comprehensive review of your circumstances, from tax, asset protection, legal, and other perspectives that think about all the factors and risks related to leaving your assets behind.

The Risks of a Disorganized Estate

Studies have shown that more than 52% of Australians have not yet devised a will when they die. This bequeaths families and friends to allocate the assets to a predetermined formula according to the state and federal legislation. This makes the family feel mistreated with the situation and empty-handed of what they should have inherited in the first place.

Decisive Factors for An Effective Estate Planning

Again, Estate Planning is more than just a will; thus, it needs to be well-thought of and compliant to the standards of the state and federal legislation. Here are the decisive factors that could help you achieve an effective Estate Planning

  1. Creates financial security to your dependents
  2. Take full advantage of the after-tax value of your properties
  3. Ensuring that your assets are delivered to the people you choose

Writing a Will

It is important that when writing a will, you specifically state where you will leave your assets to e.g. wife, husband, children, etc. this can be written and revised accordingly by your trusted and chosen solicitors or trustees. It is best to keep it updated and valid from time to time.

Power of Attorney

Appointing a power of attorney gives the legal right to the person of your choosing to look out and handle your affairs for you. Some territory or state considers the powers of attorney as only financial powers, while some could include broader guardianship power. It is best to check with the local Public Trustee regarding this matter.

Testamentary Trusts

Testamentary trusts are prepared to protect your assets. These will only take effect when you die. A trust will be managed by your appointed trustee for the advantage of your chosen beneficiary until it expires. This usually happens when:

  • Your chosen beneficiaries are still minors (below18 to 21 years old)
  • Your beneficiaries have mental incapacity to make sound decisions on his or her own.
  • You do not trust your beneficiaries to use your assets wisely.
  • You don’t want to split your family assets as part of the settlement for divorce.
  • You don’t want the assets to be used for any bankruptcy proceedings.

Charitable trusts

Charitable trusts are trusts made particularly for charitable purposes. They usually don’t have any specifically named beneficiaries. And because they are for the benefit of the public, the legislation and courts take hold and control of these charitable trusts. These trusts have significant tax discounts like exemption from income tax and tax deductions for gifts called as deductible gift recipients.

Asset protection

Because the will does not guarantee you of the protection of your assets, it is for you and your beneficiaries good to use asset protection. This protection is the utilization of legal strategies to help protect your assets. Although most people have insurance to back them up against risk, insurance cannot cover every possible scenario. An effective method to protect your assets is to make sure that these are held in a separate entity from the trading risk entity.

Beneficiary advice

It is best to choose a beneficiary that you believe would do something good of his or her inheritance. Also, take into consideration the well-being of your beneficiary, especially his or her mental capacity. If you are undergoing divorce or remarriage, also take that into account when appointing beneficiaries. Or if you choose to give off your assets to a charity, make sure you put it into writing. It is important that you appoint beneficiaries accordingly and in compliance with the standards set by the state and federal legislation to avoid nullifying your will.

How PTS Advisory Can Help

Our well-versed and trusted financial advisers can work hand-in-hand with your legal advisers to make an effective estate planning framework to ensure that your final wishes will be granted. We have the expertise and the years of experience to assist you to make, interpret, and comprehend the tax implications needed for important documents like your will, testamentary trust, power of attorney, guardianship, etc. We have confidence in our team of experts to make sure that your beneficiaries will get an effective and smooth-sailing wealth transfer solution in the future.

Contact Us Today For A Free Assessment

For a free assessment, contact us today through our contact page or through our number 0410 569 639. You can also visit us at our satellite office located near you.

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