They say that there are two things that are guaranteed in life; death and taxes. If you want to make sure that the right people, get the right money at the right time when you are gone or incapacitated – then estate planning is important.
Estate Planning isn’t just about planning for if you die. It is also for if you become incapacitated. Nowadays, this is becoming even more important due to health improvements. It is now very common for people to become legally incapacitated before passing away. If you don’t have the right things in place, you can leave a nightmare of applications and paperwork for your family to deal with regarding your wealth.
How you plan your estate, can also play a big part on the amount of tax the people you leave your wealth to, will be required to pay. Whilst there are no death taxes per se in Australia, there are a lot of other taxes. Without proper estate planning, this could potentially impact those you leave behind. As a result, you might leave behind $500,000 to someone with a $150,000 tax bill attached to it, whilst another family member gets $500,000 and no tax bill.
Estate Planning is an important part of any wealth plan. If you would like to know more, please contact a Financial Adviser.
Owner of PCR Accounting & Advisory, Peter Marmara-Stewart is a top-tier accountant and financial advisor dedicated to helping clients reach their business goals and achieve financial freedom. Peter is highly regarded for his client-focused approach and entrepreneurial spirit, catering to a diverse range of professionals across a wide scope of industries all across the country. Peter’s expertise can help you plan effectively, set goals, maximise profits and protect your assets. Get in touch today on (03) 9847 7516.