Estate planning is something that many Australians simply do not want to think about. However, if you neglect to address the distribution of your assets, it can cause many financial and family problems when you pass away. For example, when your superannuation fund is paid out to a non-financial dependent, the taxable component will be taxed at a minimum rate of 17%. Enlightened Financial Solutions however, could provide strategies to minimise the tax consequences and ensure your beneficiaries receive maximised benefits. We work with some of Mackay’s most trusted solicitors to help our clients achieve their estate planning goals
An effective estate plan minimises any tax payable, ensures the ownership of assets are passed onto the correct beneficiaries at the right time, and provides protection in the case of legal or financial issues. The process of planning your estate can be quite complex depending on your financial and family situation, and professional advice from an experienced financial specialist can ensure any confusion or problems are kept to their lowest level. Our financial advisors can conduct a full review of your estate plan and consider businesses, family trusts, superannuation funds, and identifying any areas that may cause potential problems or have unseen opportunities. We can also ensure that tax is minimised after death so that your loved ones receive what they are entitled to.
Families, businesses and circumstances are constantly evolving, and it’s important that you have your preferred arrangements in place to ensure assets are transferred to the right people should something happen. Your estate plan should be regularly reviewed and updated with any changes to your lifestyle, financial or family structures. If you have any questions or would like to review your estate plan to ensure its directions are clear and accurate, our financial advisors can help with professional advice. Careful planning now can keep confusion to a minimum in the future, and help provide for your family when you are no longer there to support them. Contact the team at EFS now to book your complimentary appointment.