Estate Planning
People think that all lawyers are experts in estate planning. While most lawyers could put together a simple Will, few have the training and additional skills to advise on sophisticated estate planning strategies.
"An estate plan is a fundamental component inside a self managed superannuation fund ("SMSF") and is the one most often neglected by advisers to trustees of SMSFs. To date there are few lawyers who have a good understanding of estate planning and superannuation. As we are often approached for referrals to an estate planning lawyer we formed an alliance with Ian Glenister of Glenister & Co - to fill that niche. Ian's consulting methodology ensures caring and professional service that enables clients to feel comfortable in the knowledge that their needs are taken care of in the context of their own SMSF.”
16th February 2007
Grant Abbott
SMSF Strategies Advisor Network
In addition to Estate Planning Glenister & Co provide comprehensive advice in the arena of SMSF investment strategies and structuring, the provision of the Glenister & Co/SMSF Strategies SMSF Trust Deed services and all other SMSF related matters.
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Getting your estate planning affairs in order is so much more than just getting a Will signed. Before you begin the process of documenting your Will the following actions should be undertaken:
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Your asset position needs to be carefully researched (to work out who owns what and what will be the Capital Gains Tax implications).
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your Superannuation fund trust deed needs to be examined and consideration given to the most appropriate form of death nomination,
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your insurance arrangements need to be looked at to ensure that insurance is held in the most appropriate way,
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your income tax position and that of any tax structures holding your wealth needs to be examined and the terms of trust deeds scrutinized and perhaps amended to ensure that all of these documents are in harmony with your requirements
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the taxation circumstances and asset protection needs of your beneficiaries needs to be professionally considered.
Only after all of the above steps have been completed can it be assured that your Will and other estate documentation will do what you want them to do effectively.
The process requires a collaboration of your legal, financial and taxation advisers. Generally the potential savings in tax for the estate far exceed to cost of having the job done by experts. Your financial advisers are probably in the best position to help you orchestrate the collaboration which will be necessary to achieve the right result.
The involvement of solicitors who possess a special skill set is necessary. The fees charged by these firms generally reflect the special knowledge and skill they possess. The legal fee component can vary depending on what is required.
DISCLAIMER
Please note that this information should not be relied upon for decision making or providing advice without seeking expert opinion. Glenister & Co exclude all liability relating to relying on this information.
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