Here are some check points for Asset Protection and Family Estate Protection Planning that should be considered annually. . .protecting your family is paramount!

Kindly provided by Shane Ellis from Shane Ellis Lawyers

Phone: 07 5534 3900



1. SMSF – Comply Now . . .Comply Later . . . To Avoid Tax Penalties

To receive the great tax concessions that superannuation allows in your SMSF you need to comply with the laws. If not the tax concessions could be lost or penalties may apply. Work closely with your advisers to ensure all pension drawdowns for FY18 have been made and plan now for those that are to be taken in FY19.

2. Ensure your Will is Up to Date. . . .Ensure You Have One!!!

People often avoid considering death and the impact it can have on your family. By doing so major financial and emotional consequences can flow when the unexpected pops its ugly head up for the unprepared. If your Will is not complying with the laws or you don’t have a Will the government’s laws say how your estate will be divided. This can mean in Queensland that the family home may need to be sold because the wife gets the first $150,000.00 and personal chattels and has to share the rest of the estate with the children. Please get your Will in order now. Prevention is not only better than cure, it is also cheaper in the legal world.

3. Ensure you have an Enduring Power of Attorney

Your spouse and your loved ones cannot simply step in and control your affairs if you are incapacitated, injured or lose your faculties. Privacy laws place limits on what they can do. You need an up to date Enduring Power of Attorney to cover personal health and financial affairs if you lose your legal capacity either short or long term. In those circumstances your nominated Attorney can continue to protect you by making decisions in your best interests about your personal health and financial affairs.

4. Your Will Does NOT Cover Your Trusts, Company, or Superannuation Interests

Hmmm, did I hear you just say that you don’t know what is happening with your Trust, Superannuation and Insurance assets but you think they might be covered by your Will? . . . . WRONG!!!  The assets of a Trust/Company; SMSF; & Insurance usually fall outside of your Will. You need to consider the whole of your estate with proper Family Estate Protection Planning. Click here for your complimentary checklist.

5. Legal Tax Minimsation for your SMSF and Personal Estate

They say Death and Taxes cannot be avoided. I have to agree that death will occur for each of us one day BUT. . . . tax can easily be legally minimised with proper documents and processes in place. Click here and here for your complimentary tax minimisation articles.

6. The Cost of Quality Advice is Cheap Compared to that of Correcting Poor Structures

As we progress through life things change necessitating the upgrading of our structures and affairs to accommodate those changes. The cost of quality advice is cheap compared to that of correcting poor structures. . . and it is best to act now to achieve the best results for you and your family. As a special EOFY offer you can review your affairs now with our team at MBA’s offices. Use the ‘Schedule Now’ button on the Contact Us at the bottom of the page for your complimentary Super Session booking.

Enjoy the financial year ahead and all it brings. May it be a rewarding year for you and your family. . . .through having proper structures and planning in place.