Summerhill Financial Services, based in Australia, provides of financial planning services to help build, manage and protect your wealth.
Taken at the Pink Palace at Monaco in September 2004
It can be a complex situation where a loan is made to one adult child to help purchase their first home – how can this be accounted for with estate planning, as well as protecting the loan from any spouse/partner obtaining a share of the loan if they were to break up? Consider the hypothetical situation below. (more…)
To adequately protect your wealth for your family after you die, it’s worthwhile spending time on careful planning to counter Australia’s ‘backdoor death taxes’. SMSFs and testamentary trusts have a very useful role to play. But, you can only gift what’s yours. (more…)
You have insurance so you and your family will be financially cared for in the case of an incapacitating accident. But what about the actual care you’ll personally receive? Two star? Top of the range? And who’ll make those decisions if you can’t? This is exactly where a guardian steps in, and it’s wise to chose one yourself — this means well before you may ever need one. (By the way, a guardian is not a ‘living Will’ nor a power of attorney, and neither may you want your spouse to do it.) (more…)
We all know that making a valid Will means our estate will be handled the way we want, plus is optimised for our loved ones - yet nearly half of us don’t have one. Law changes in NSW that might see everything go to an estranged spouse, could, however, be the impetus to change that.
Intestacy law in New South Wales will change from March 2010, part of bringing succession laws across Australia into line. States that haven’t followed suit, soon will. (more…)
Individuals are using Wills for more than just dividing their assets between beneficiaries: ethical Wills give benefactors the opportunity to communicate their values, hopes and dreams to future generations.
Legal Wills are designed to address dividing tangible assets. As individuals – and particularly after recent high-profile estate disputes of Peter Brock, Clinton Grybas and Heath Ledger - most of us are aware of the importance of leaving a current, valid Will to ensure our money, or possessions, are distributed according to our wishes. But what legal Wills neglect to address is the opportunity to convey our values, ideals and beliefs to loved ones. (more…)
Everyone — whether in a high-risk occupation like Peter Brock or not — should leave a valid Will.
There are several clear, clear reasons for this, but perhaps the “kindest” one is to avoid any legal wrangling, which only fuels the heartache a family suffers in its loss.