We’re all worth more dead than alive!

We’re all worth more dead than alive!

Over the past 6 months we have had quite a few clients, friends & trustees of self-managed super funds ask us about their estate planning. It’s an important issue: what do you want to happen to your assets when you die? For many it’s a simple topic of ‘each to the other and then the kids’ where we have a nuclear family. It’s not as simple as that now, blended families in particular add a complexity that needs to be addressed. Ask yourself this question now: do you know exactly what happens when you die? If you don’t know, aren’t sure, think you have it covered via a Will, it’ll be worth spending 5 minutes to read on. About Us How do we help? Firstly we have a chat about your personal situation, and what you would like to happen with your estate. It starts with a simple question: who is going to look after your estate if you die? We discuss the assets in your life and what you would like to do with them, identify how these could be dealt with. Do you know how your super and life insurance is dealt with if you die? Will your spouse or dependant children receive a pension or a lump sum in their bank account? A Common Scenario Here’s an issue to think about: you are the sole surviving spouse, and you have a home, some money in super that you’re receiving a pension from, some savings, maybe a few shares or an investment property. Or maybe you are a younger couple with kids under age 18. Whilst you...
Insurance: inside or outside super? Structuring your insurance tax-effectively

Insurance: inside or outside super? Structuring your insurance tax-effectively

Do you and your family have adequate insurance cover? Did you know there is a more tax-effective way to fund your insurance?   How does it work? Personal insurance is a smart way to protect your quality of life and provide support for your loved ones if you get sick or injured. While you often hear how important it is to have sufficient cover, it’s just as important to be smart about the structure of your insurance – so that the dollars you pay for premiums work harder for you. Most types of life insurance can be held inside or outside of super. These include: Income Protection (IP). Pays a regular monthly benefit if you become severely disabled by sickness or injuries and you are unable to work – potentially helping your partner take time off work to care for you and/or cover mortgage repayments. Life cover. Pays a benefit if you die or become terminally ill – helping your family take care of debts and ongoing household expenses. Total & Permanent Disablement (TPD) cover. Pays a benefit if you are permanently disabled – helping cover the long-term costs of care for you and your family. There are advantages and disadvantages to holding insurance inside or outside of super. Advantages       Insurance inside super                                     IP, Life and TPD (any occupation) insurance premiums are generally tax deductible to your super fund. You can pay your premiums using accumulated super money or by making additional super contributions – which may come from your before-tax income....

Health & Fitness: 10 red flag warning signs of cancer

“One in two Australians will be diagnosed with cancer in their lifetime”. A scary statistic, and a good general interest piece about the warning signs not to ignore. http://www.smh.com.au/lifestyle/diet-and-fitness/cancer-symptoms-the-10-red-flag-warning-signs-20150209-139pch.html If it does happen to you, ensure your savings, home equity or investments aren’t eaten away funding treatment. Do you know that you can have insurance (and not just private health cover) to pay for these and other crisis...