David is Director of Chan & Naylor Financial Planning and founder of Patron Financial advice.
Having a valid Will in place means that, if you were to die, your affairs would be in order and your assets would be distributed according to your wishes. But what would happen if, as a result of illness or injury you became unable to manage your own affairs? Or if you went overseas for…
Here’s a way to avoid triggering CGT! Testamentary discretionary trusts are great estate planning tools because they can offer tax minimisation, asset protection and flexibility. A testamentary discretionary trust is a type of trust created under a will, comes into existence only upon the administration of the deceased estate and has four elements: the trustee(s),…
Following extensive consultation, the Government has released an amended superannuation package. Some measures remain largely unchanged while others such as the lifetime $500,000 non-concessional cap and the removal of the work test for over 65s have been replaced or scrapped altogether. Once legislated, most measures will take effect from 1 July 2017. There are still…
‘Super’ opportunity exists for those individuals fortunate to take advantage of before end of June 2017 before big superannuation changes take effect. The Federal Treasurer’s announcement on Thursday 15 September 2016 regarding further superannuation reform measures re-opens the door for non-concessional superannuation contributions (NCCs), after more than four months of uncertainty on the issue. Prior to…
Too often people consider estate planning to be something for those recently retired or the elderly. While the presence of a new child, a new relationship or a new asset acquisition often prompts estate planning in the younger generation, the reality is that it is important to ensure it is kept up to date throughout…
The nature of retirement is changing and so are the rules. If you want to reduce your working hours or even pay less tax without sacrificing your income, a transition to retirement pension could be the answer. Longer life expectancies mean many Australians are spending more time in retirement than ever before1 – increasing the…
If you are like most Australians, insurance is one of those things which can be put off for another day. But another day might be one too late – the story of Patty outlines how important it is to have the right insurance. Patty was a fit and healthy single 53 year old who had…
Getting married, even if it’s for the second time, is a happy time but it does present some financial planning challenges. So what are the estate planning implications when getting married for the second time? Second marriages present some complex and contentious estate planning challenges. While many partners in a second marriage want ‘their’ estate…
When you’re short of cash, your super balance can look pretty appealing… And you may have seen advertisements promoting schemes to help you get access to your super. Problem solved, right? Wrong. Getting early access to your super could end up creating more problems than it solves. Access to super is restricted Generally speaking, you…
Do you want to contribute more to super? Well now you can! A Little Bit Now, Makes a BIG Difference Later For the first time in five years, for people under 50, the caps that regulate the amount you can contribute to super (on a concessionally taxed basis) have increased. [sam id=50 codes=’true’] That is,…
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