It's never too soon to get your affairs in order.
As unpleasant as the task is, estate planning is one of the necessities of life, but the truth is, good estate planning is much, much more than just having a will.
Good estate planning allows you peace of mind knowing your hard earned assets will be dealt with in the manner you intended. What's more it ensures that unnecessary dollars are not paid out in taxes. Good estate planning ensures that the maximum possible asset base is available to be distributed to your loved ones.
At LMP Accountants we have developed a high level of expertise in this area, using our skills, working in close conjunction with solicitors and financial planners from our allied professional team.
We ask that you consider these points:
- We all care about our families and partners but do we care enough to plan for the eventuality of death?
- Have you made provision for your family's immediate cash needs following your death?
- Will there be enough money to provide for your family's future needs?
- Will your estate have sufficient funds to cover your debts?
- Will your death (and hence your current will) undo any asset protection strategies already implemented?
- Nearly one in two marriages in Australia breaks up, often resulting in unintended asset distribution on death.
- Are you sure you have a current, effective will?
- Could your will be challenged?
- Have you identified any capital gains tax issues?
- Have you considered the timing of the distribution of your capital and income bequests?
- Are there any special factors you need to allow for?
- Have you considered time to consult us?
If any of the above points have started you thinking, it's time you consulted us about estate planning. It involves arranging your estate or business so that should you or your partner pass away, the right funds go into the right hands at the right time. This gives you peace of mind, and your family the benefit of having a plan, which will take care of their needs and distribute the funds in the best possible way.
It is good practice to address estate planning issues early before they turn into problems, contact LMP for further information.