Fraud Blocker

Estate Planning in Australia Sounds A Bit Too Grand Right?.

Article by WealthSafe.

Date Published: 22 Feb 2023

Estate Planning sounds a bit too grand right?  You don’t think you need it.   You think that only multi-millionaires need it.  You’re thinking, “I have a will.  I don’t need that. “

Estate Planning sounds a bit too grand rightSadly, you’re wrong.  You do NEED it.  People oftentimes overlook 3 major things: taxation, marriage breakdown and bankruptcy.   Those 3 are eventualities in life that you need to prepare for.

Remember, TAXATION can be in the form of capital gains and stamp duty.  By having just a simple will, the ATO can charge you with taxation, because a simple will denotes that a property transfer has been made to your children and there are capital gains.

Another thing you need to remember is that marriages breakdown.  Divorces happen.  Nasty ones at that.   You need to make sure that you have your assets protected and your children’s inheritance is intact.  A bitter ex-wife of your child can sue your child and take everything he has including his inheritance.

Bankruptcy is another eventuality.  Your children may go bankrupt and all their inheritance from you will just automatically go to their creditors.  Sounds really horrific right? But there is a way to stop that.  A three (3) generational testamentary wills would be greatly beneficial.  It provides you with tax savings, protects your assets from Family Court and bankruptcy.

At Wealth Safe, we’re here to help you with all your asset protection, tax planning, business structuring and superannuation needs. We work with you to find the best strategy to keep your assets safe, slash your tax 100% legally, and put more money in your pocket.

Please feel free to visit us at our Facebook page at www.facebook.com/WealthSafePtyLtd for more interesting articles, and tricks to reduce your tax and protect your assets.

To contact us, and get your complimentary copy of your book on how to slash your tax and protect your assets, complete our web form by clicking here. Or call us on 1300 669 336. One of our staff will be glad to assist you.

Book Your Free
Tax Saving Assessment.

Wealth Safe
 

Related Articles

View more tips & insights