Thorough estate planning involves putting in place strategies that address all aspects of your situation. Often, we assume this simply involves making it clear in a Will who we would like to inherit assets if we pass away. However, while a Will can help ensure your estate is distributed according to your wishes, it may not be effective in dealing with a significant portion of your wealth.
As we are well into the new calendar year and almost three quarters of the way through the 2018 financial year, now is an important time to take stock of the various recent super reform issues to ensure SMSF trustees are maximising their personal financial position. Here are five items to consider:
The new Labor Party’s contentious policy to deny a cash refund for excess franking credits has sparked a debate about who is rich and who pays tax, with ambiguous data that is confusing most people. Since the announcement only a few weeks ago the Shadow Treasurer Chris Bowen has just announced modifications to the proposals to offer significant carve-outs for pensioners, which will include SMSFs in some cases.
In a popular children’s story, the young hero pins all his hopes on finding one of a handful of ‘golden tickets’ hidden among millions of candy bars. It seems many people approach investing the same way and history has shown its not sustainable.
There are many potential uncertainties when it comes to private education. Parents will typically spend hours discussing whether this is the right option for their children and, if so, which schools to consider. One thing that is not uncertain, however, are the significant private school fees payable, so it pays for parents to have a clear strategy in place to fund these costs while pursuing other vitally important financial goals.