Adding family members to your self-managed super fund (SMSF) can increase your fund’s buying power and provide more estate planning flexibility.
You can have up to four members in an SMSF. By adding family members, such as adult children, you could increase the fund’s valance considerably. This could allow you to:
Having one fund for the family can also:
Before setting up an SMSF with other family members, consider whether you would be happy to share fund decisions.
If your SMSF still doesn’t have enough money to acquire an asset after consolidating super balances, the fund may want to borrow money.
Adding fund members could also help them take advantage of any tax deduction claimed for benefits paid if another fund member dies or becomes disabled.
At Calibre Private Wealth Advisers we can help with SMSF establishment & advice, and can help you manage the complexities of setting up and administering your own fund.
With its built-in tax advantages, superannuation is a powerful vehicle for long-term wealth creation, despite growing regulatory complexity. We can help you make the most of the opportunities super has to offer, so you can enjoy the retirement lifestyle you’ve always looked forward to.
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