Superannuation made simple Will and Estate Planning Checklist by wyf14327

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									      Will and Estate made simple
      SuperannuationPlanning Checklist
      As the media everywhere is telling us – the rules surrounding superannuation are now much simpler. But are you aware of the facts
       What is estate planning?
      and have you looked into your options? Our quick guide to Super could help you.
       Estate planning is a process designed to help protect the wealth you have built over your lifetime so that it is distributed smoothly
       according to your wishes. More than just will, an                    takes
      THE FACTS held solely in your nameaor jointlyestate plan alsoassetsinto account your superannuation and powers of attorney
       as well as assets                                    with others, or       held in private companies or trusts.
      ■ Standard super contributions by your
       Who needs estate planning? employer are 9% of your salary.
      If Anyone under age have contribute rely on
      ■ you own anything or64 canpeople whoto super.you it is a good idea to have a plan. The more complicated your personal and
       financial affairs, the more important it is. You should also review your estate plan at least once every three years and whenever
      your circumstances can contribute to
      ■ People age 65-74 change, such as: super if they meet the government work test.

           getting married, living with a partner, separating or getting divorced
      ■    Self employed people can claim a full tax deduction for up to $50,000 pa up to age 74.
           as soon as you have children or step-children
      ■    You can leave you super money in your super fund for as long as you like.
           buying real estate or other valuable assets
      ■    buying, selling withdraw money from super TAX FREE (unless you have a Government super fund).
           People 60+ can or operating a business
            if you have superannuation (super may not be covered by your will)
      ■    People 55-60 years who are semi-retired can access up to 10% of their super as a pension.
            if you have family members with special needs or children who are vulnerable
      ■    If you earn less than $58,980 pa and make after-tax contributions you could be eligible for a government co-contribution.
            if you set up a family trust or company




                                                                                                                          www.trust.com.au
                                                                                                                           www.trust.com.au




70724_TrustSuperChecklist_3.indd1 1                                                                                                    26/7/07 10:51:12 AM
      Work are some quick tips to help how you the most of your super.
      Belowthrough this checklist to seeyou make stand. You may need to discuss any ‘no or ‘unsure’
      answers with an estate planning professional.
      We’ve designed them as an action plan. Tick the ‘Yes/No?’ column for the tips you are going to adopt and give yourself a date by when
      you’ll have completed that action. That way you have something to work towards and you won’t put it off.
                                                                                                                                                                         Yes      No      Unsure        NA
        Communicating your wishes
              you can do current and your super
        ThingsDo you have a to improvevalid will? situation
          1
                                                                                                                                                                         Yes/No?             By When

          12       If you have a will have you reviewed it within the last 3 years?
                  Provide your TFN – make sure your super fund has your TFN otherwise you may pay up to 46.5% tax
           3       Have you around a suitable executor?
                  instead of chosen 15%
           4       Do you have an enduring power of attorney?
          2       Consolidate your super – it’s easier to manage if all your super is in the same fund, and you may pay
           5
                   Have you
                  less fees made a nomination in relation to your superannuation – either to your dependant(s)
                   or to your estate?
          36      Look for any lost super – you may have funeral, have youbeeninstructionsinto another fund. Go to
                  If you have specific wishes regarding your super that hasn’t left rolled over with your executor?
                  australia.gov.au/bettersuper and put in your TFN to discover if you have any super you weren’t aware of.
           7      Have you documented your wishes regarding organ donations?
              Contribute earlier
        Protecting your family and regularly to use the limits in each year
         4
           8      Does your spouse/children/executor know the names and addresses of your professional advisers?
                  ■   Salary sacrifice contributions – you can arrange for your employer to contribute up to $50,000 pa
           9          including your compulsory does your will name a (i.e. pay around 15% tax).
                  If you have children under 18,9% into your super fundguardian?
          10      Does your will provide for children from a previous marriage(s)?
                  ■ After-tax contributions – you may be able to contribute up to $150,000 pa or $450,000 over any
          11      If you have dependents with disabilities does your estate plan protect their interests?
                      3-year period into your super fund up to age 74.
        Protecting their inheritance
         5    Contribute to your spouse’s super fund contributions –
          12       Have you considered setting up a trust to protect your family’s inheritance and minimise tax?
          13      Does your estate tax by as much as $540 possibility of someone making a claim super (if your spouse
                  ■ Reduce yourplan take account of the if you contribute $3,000 to your spouse’son your estate?
                     earns $13,800 or less).
                  Does your will protect potential beneficiaries who may face family breakdown, become bankrupt, hold
          14
                  company directorships or are partners in a professional practice?
                  ■ Increase your joint super savings – you can potentially contribute up to $150,000 pa into your
                      you know what effect your helpful if your partner has self managed super fund, family
                  Dopartner’s fund. This could be death would have on your a low income or is not working. trust
          15
                  or family company?
         6    Choice of fund
        Other considerations– you may be able to choose your own fund and, then request your employer redirect
                  your 9% contributions into that fund
          16      If you would like to make a charitable gift, have you considered all the options?
          7       Review your strategy –and you have the right mix of investments for yourbeneficiaries If you have 7+
                  Do you know what the tax Do social security consequences would be for time-frame? of your current
          17
                  years before you intend to retire you might consider adopting a more aggressive growth strategy. This is
                  will?
                  something you would discuss with your financial adviser.
       This checklist is intended to be a guide only. It does not cover all the issues you would need to consider when putting together your estate plan.

          8      Do you need to rebalance your portfolio? The Australian investment market has performed very
                 well over the last 3-4 years. The choices you made in your super fund may now be ‘over-weighted’ in
       How       can Trust help? could mean your super investments are now riskier than you originally intended.
                 Australian shares. This
                 You might want to rebalance your super investments.
       Trust Company Limited has a proud tradition of delivering trusted financial solutions to individuals, intermediaries and corporate
       clients for over 121 years. They have specialist estate planning lawyers who understand your individual needs. Services include:

          more information                               adviser or
      For Simple and complex willsplease speak with yourEstate planningcall Trust on 1800 622 812
               Powers of attorney                                                                 Estate administration
      Important Note – The information in this example is for information purposes only. Any similarities to your or any other person’s circumstance is purely co-incidental and does not reflect any
             Trustee services                                                                       Executorial services
      recommendation by Trust Company Limited (ABN 59 004 027 749). This information is of a general nature only and should not be relied upon as it has been prepared without taking account of
      your objectives, financial situation or needs. It is not intended to constitute investment, legal or taxation advice as it is of a general nature only. Accordingly, before acting on the information you
      should consider its appropriateness having regard to your objectives, financial situation and needs.
       For more information please speak with your adviser or call Trust on 1800 622 812
       Important Note – The information in this example is for information purposes only. Any similarities to your or any other person’s circumstance is purely co-incidental and does not
       reflect any recommendation by Trust Company Limited. This information is of a general nature only and should not be relied upon as it has been prepared without taking account of
       your objectives, financial situation or needs. It is not intended to constitute investment, legal or taxation advice as it is of a general nature only. Accordingly, before acting on the
       information you should consider its appropriateness having regard to your objectives, financial situation and needs.




                                                                                                                                                                                 www.trust.com.au
                                                                                                                                                                                  www.trust.com.au




70724_TrustSuperChecklist_3.indd2 2                                                                                                                                                               26/7/07 10:51:17 AM

								
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