Category: Estate Planning

Granny flat rights

A “granny flat right” or a “granny flat interest” is where you pay for the right to live in a specific home for life. It must be a private residence and your principal home. You can have a granny flat interest in any kind of dwelling, not just those typically...

Downsizer contributions to superannuation

From 1 July 2018, the Australian Government will allow “downsizer contributions” into superannuation as part of a package of reforms aimed at reducing pressure on housing affordability in Australia. This measure applies where the exchange of contracts for the sale of your home (which is your principal place of residence)...

McKillopFP newsletter – December 2017

McKillop Financial Planning’s December 2017 newsletter – CLICK HERE. Articles on: – If only I had a second chance – How to develop a “dynamic” approach to retirement spending – How to make better investment decisions – The power of extra salary sacrificed contributions to superannuation – With our heads firmly in the “The Cloud”...

McKillop FP newsletter – October 2017

McKillop Financial Planning‘s October 2017 newsletter – CLICK HERE Articles on: • Salary sacrificing superannuation • Should you downsize? • Why grey mortgage debt is rising • Life’s financial turning points: good and not so good • How jury service works  ...

Do you have an estate plan?

Do you even have an estate plan? Don’t know what one is? There are at least 3 documents you should consider as part of your personal estate planning: A will; A power of attorney; and Appointing an enduring guardian. A WILL A Will is a legal document that details who will take care of...

ASIC holds $1.1 billion in unclaimed super money

‘Unclaimed money’ is money from dormant bank accounts, unclaimed life insurance policy payouts and money from shares and other investments that people have not been collected from companies. Unclaimed money is transferred to the Commonwealth after it’s been unclaimed usually for 7 years. People may find they have unclaimed money...

Make the most of this financial year’s super caps

Building your retirement nest egg? Make your contributions before the end of the financial year and you could potentially save more. Changes to super laws mean that from 1 July 2017, the amount of money you can contribute to your super is being reduced. So it makes sense to take...

Tax deductions for super contributions

Do you make personal superannuation contributions and want to claim them as a tax deduction? As we draw to the close of the 2017 financial year, it is important to ensure that if you wish to claim a tax deduction for personal superannuation contributions made in the 2016 financial year, you do...

Buy/Sell Deeds explained

WHY HAVE A BUY/SELL DEED? A Buy/Sell Deed is an agreement between the owners of a company or unit trust that upon the death or permanent disablement of a director or key person associated with a shareholder/unitholder, that shareholder/unitholder must transfer its shares to the remaining shareholders in exchange for...

Death Benefit Nominations for your super

Did you know that on your death, your superannuation balance will not dealt with in accordance with your wishes unless you have a valid beneficiary death benefit nomination in place. That’s right, your Will probably doesn’t have any effect as regards your super. The trustees of most super funds have...

2017 Federal Budget Summary

Click here to view our budget summary as at 9 May 2017 Key measures from last night’s budget include: Individuals aged 65 or older will be able to make non-concessional (after-tax) super contributions of up to $300,000 from 1 July 2018, using proceeds from the sale of the family home....

What is Critical Illness Insurance?

Critical illness insurance can pay you an agreed lump sum on the diagnosis of a specified serious illness (such as cancer, multiple sclerosis, Parkinson’s disease, heart attack, loss of sight and many other conditions). The benefit is paid by the insurer on diagnosis of the defined ailment and even if...

Life insurance and its many uses

Life insurance can ensure your family’s financial security in the event of your sudden death. It is a contract pursuant to which the insurer promises to pay a beneficiary you nominate an agreed sum of money upon your death. Usually, you would own your own policy and nominate your spouse,...

Why you need Income Protection Insurance

INCOME PROTECTION INSURANCE – WHAT IS IT? Income protection insurance (also known as salary continuance insurance) ensures that you receive regular income if you are unable to work because of an illness or an injury. It is a contract between you and an insurer, pursuant to which the insurer promises to...

Do you have a shareholders agreement?

CONSIDER THESE COMMON ISSUES What would happen to your company if you or your business partner became so ill that one of you could no longer work – or worse still, died? Would you still be paying dividends or making distributions of profit to that person even through he or...

So what actually is Probate?

WHAT IS PROBATE? Probate is the process of proving that a document is a deceased person’s last Will. The named executor is responsible for obtaining Probate (if it is required) and in administering the deceased person’s estate as required by the Will. If the named executor is unwilling or unable...

Starting a new business

Before starting a new business, the first thing that you need to consider is the structure of the entity to operate the business. There are numerous options to choose from, such as: sole trader; partnership; company; and unit trust. This is when it can pay to get good accounting/taxation, financial planning and...

Wills with testamentary trusts – why you need one

WHAT IS A TESTAMENTARY TRUST? A Testamentary Trust is simply a trust established by a person’s Will.  As opposed to more “simple” Wills, where beneficiaries receive the benefit of any gift personally, with a Testamentary Trust, the beneficiaries receive the benefit of the gift but rather than having it legally owned by them...

Superannuation and your estate planning

Did you know that your superannuation does not necessarily form part of your estate when you die? This can cause problems unless it is properly dealt with as part of your Estate Planning. Your superannuation will not be dealt with in accordance with your wishes unless you have a valid and...

What is a power of attorney?

GRANTING A POWER OF ATTORNEY The Powers of Attorney Act 2003 (NSW) provides for a person to appoint another person as their attorney to make financial and contractual decisions on their behalf. The document granting a power of attorney is a prescribed form under the Act. A general power of attorney does not require a...

What does an enduring guardian do?

An enduring guardian is a person appointed to make decisions about your health and lifestyle for periods in which you are incapable of making such decisions for yourself (for example if you have dementia, are in a coma, are unconscious following a car accident or suffer from some other mental...