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Active Retirees : Active Retirees Aug-Sept 2012
30 | www.probussouthpacific.org The start of the estate planning process should also include an assessment of how long you are likely to live, how much money you have and therefore how much you can spend each year. But there's no need to plan too far ahead – you can always re-visit your will at a later date. It’s a good idea to refresh your will every time your circumstances change, for example if you retire, re- marry or divorce, and when laws related to estate planning change. Attaching a statement of wishes to a will is a good way to express your emotional state. “A lot of things can be done softly,” says Noel Yeates, a private wealth adviser with Macquarie Bank. At the start of the process it’s essential to consider whether your beneficiaries will receive an income stream or a lump sum, as well as whether and how you will clear your debts. “You also need to consider whether you will need to put in place special arrangements, for example to care for a disabled child,” says Lisa Duggan, an adviser with Epona Financial Guidance. Super and trusts Another key initial consideration is that superannuation does not automatically form part of the estate. When assessing how your super will be treated after your death you need to consider whether it will be paid directly from the fund to nominated beneficiaries, or to your estate and then to your beneficiaries. “It’s usually most tax effective if it is paid to a spouse rather than to adult children,” says Michael Hutton, wealth management partner at HLB Mann Judd. “You also need to consider whether you want to leave your assets directly to people or have them held in a trust. A testamentary trust can set parameters about when assets can be accessed.” Of course, there is danger in being too prescriptive. “Try not to put kids in the ‘Rinehart situation’, where the life $120million Own something beautiful. The Scream by Edvard Munch recently sold for $120million. If you are using a SMSF, capital gains tax implications can be a little more complicated. Spend it all! $150,000 Get away to your very own holiday home in Wales. A three- bedroom cottage in the heart of a small village recently sold for $142,000. $590,000 Zoom around in a Ferrari 458. $6.75million+ If a home is too small for your liking, go for a whole island. Turtle Island off the coast of Queensland has an asking price of $6.75million. Go international to the Bahamas with Leaf Caye for a cool US$8.5million.
Active Retirees June-July 2012
Active Retirees Oct-Nov 2012