How to Protect
Your Financial Future!
For more information and a financial case study
How to Protect
Your Financial Future!
For more information and a financial case study
What is Wealth Protection?
Wealth Protection is about protecting what matters most and too many Australian’s this is their family and more importantly, their children
Wealth Protection at its core focuses on establishing a series of “strategies and mechanisms” that provide a tailored solution to protect your finances and create the peace of mind your seek.
Our Wealth Protection Advice
will seek to discover and implement answers and solutions to questions like:
If you are to pass, do you wish to exclude or reduce the potential inheritance received by a particular family member?
Do you trust your Partner and/ or your children to make a medical, financial, or personal decision on your behalf?
What happens financially if I die?
How do I make sure my kids receive my wealth?
How can the tax implications associated with my death be minimised?
How can the tax implications associated with my death be minimised?
How do I protect my surviving spouse and children from divorce, family disputes, debtors, bankruptcy’s and business dealings?
Estate Planning
Estate planning protects your wealth as you go through everyday life as much as it protects it when you pass away. For this reason it is one of the most important tools when considering a Wealth Protection strategy.
An effective estate plan includes tax effective Wills to protect your estate and the interests of your beneficiaries in the event of your death. Jointly held assets, trust assets and superannuation are not necessarily dealt with by the terms of the Will. These types of considerations are usually referred to as ’non-estate’ assets for estate planning purposes and need to be accounted for.
Therefore, it is extremely important to contemplate and implement a comprehensive Estate Plan to ensure all assets are protected and transferred according to your wishes. Deliberation should also take place on how to transfer assets in an effective manner for taxation purposes.
Estate Planning
An effective estate plan includes tax effective Wills to protect your estate and the interests of your beneficiaries in the event of your death. Jointly held assets, trust assets and superannuation are not necessarily dealt with by the terms of the Will. These types of considerations are usually referred to as ’non-estate’ assets for estate planning purposes and need to be accounted for.
Therefore, it is extremely important to contemplate and implement a comprehensive Estate Plan to ensure all assets are protected and transferred according to your wishes. Deliberation should also take place on how to transfer assets in an effective manner for taxation purposes.
Targeted Mentor Sessions!
Our selective mentor and coaching programs can educate you on budgeting, structuring your loans, superannuation, SMSF’s, estate planning, gearing and debt recycling. Our aim is to give you the best chance of hitting your goals!
We also provide targeted Mentor Sessions!
Our selective mentor and coaching programs can educate you on budgeting, structuring your loans, superannuation, SMSF’s, estate planning, gearing and debt recycling. Our aim is to give you the best chance of hitting your goals!
Your Will
Your Will is the document that directs how your estate is to be distributed amongst your nominated beneficiaries.
A Will does not cover all assets owned by a person, so special care should be taken to ensure the ownership and control of all your assets including ’non-estate’ assets, pass to beneficiaries in the way you intend.
Your Will
A Will does not cover all assets owned by a person, so special care should be taken to ensure the ownership and control of all your assets including ’non-estate’ assets, pass to beneficiaries in the way you intend.
The Executor
When a loved one has passed away, his or her estate needs to be “administered”. This task is carried out by the person’s “legal personal representative”. This legal representative is appointed in the deceased Will and is named the “executor”.
The nominated executor in the Will can take on the role of the legal personal representative if he or she wants too and for this reason, a second choice of person should be elected, just in case.
Dying Intestate
Importantly if you die without a valid Will the law decides who gets your assets. This is called ‘dying intestate’. The rules applied by the law also vary from each state.
Under Victorian intestate provisions, if a person dies intestate the following summary of how the assets are bequeathed is as follows:
One partner and no children – the partner receives the whole of the estate of the deceased.
One partner and child/ren from the same relationship – the partner will benefit from the whole of the estate
One partner and children born of a different relationship – the partner will receive all the personal chattels, the 1st $451,909 and 50% of the balance with the remaining 50% amongst the children.
Multiple partners (complex) – complex provisions dealing with this situation.
No partners – the estate is divided equally amongst children and if a child of the deceased has already passed away, that deceased child’s children take equally.
Our advice can help you protect yourself from intestate laws!
Minors Tax
When a child under the age of 18, a minor, receives an inheritance, the inheritance will normally be held in trust until they are 18 years of age. The original lump sum of money is normally not taxed and is received in full.
However, when a child under the age of 18 earns an income (Interest, Rent, Dividends) from assets given to them in the will, this income is taxed differently compared to adults.
Income tax rates for minors: Income between $0.00 – $416.00 are taxed at 0.00%
Income between $416.00 & $1,307.00 are taxed at 66.00%
Income over $1,307.00 per annum are taxed at 45.00%
RSM Financials advice can potentially eliminate your child having to pay minors tax, to find out how
Minors Tax
When a child under the age of 18, a minor, receives an inheritance, the inheritance will normally be held in trust until they are 18 years of age. The original lump sum of money is normally not taxed and is received in full.
However, when a child under the age of 18 earns an income (Interest, Rent, Dividends) from assets given to them in the will, this income is taxed differently compared to adults.
Income tax rates for minors: Income between $0.00 – $416.00 are taxed at 0.00%
Income between $416.00 & $1,307.00 are taxed at 66.00%
Income over $1,307.00 per annum are taxed at 45.00%
RSM Financials advice can potentially eliminate your child having to pay minors tax, to find out how
Legal, Divorce & Family Dispute Protection
The ability to protect your estate from family disputes and divorce can be significantly
improved by certain provisions being included in an estate plan. These provisions provide the most optimal protection Australian law affords to safeguard your legacy and the assets you bequeath.
If properly structured and ongoing advice is received on how and when the estate is distributed long-term, any legal dispute would have difficulty accessing the monies held within the provision of the will. The recommendations made will consider a combination of the aspects below to protect your legacy’s financial position. All advice provided will require you to seek professional legal advice to implement the strategies recommended.
Legal, Divorce & Family Dispute Protection
The ability to protect your estate from family disputes and divorce can be significantly
improved by certain provisions being included in an estate plan. These provisions provide the most optimal protection Australian law affords to safeguard your legacy and the assets you bequeath.
If properly structured and ongoing advice is received on how and when the estate is distributed long-term, any legal dispute would have difficulty accessing the monies held within the provision of the will. The recommendations made will consider a combination of the aspects below to protect your legacy’s financial position. All advice provided will require you to seek professional legal advice to implement the strategies recommended.
Superannuation & Estate Planning
Generally, superannuation is an asset excluded from your Will. Any benefit payable upon death is distributed by the superannuation trustee in accordance with the Trust Deed. The trust deed usually gives the trustee the discretion to decide who should receive your superannuation entitlements.
Most superannuation providers have three superannuation “will” types called “beneficiary options”, these are called:
Non-Binding Beneficiary
Binding Beneficiary
Non-Lapsing Binding Nomination
Superannuation & Estate Planning
Most superannuation providers have three superannuation “will” types called “beneficiary options”, these are called:
Non-Binding Beneficiary
Binding Beneficiary
Non-Lapsing Binding Nomination
For more information and a financial case study
Types of Protection
Sickness and injury can strike at any time. You only have to know someone who’s been struck down by a sickness or accident to know it can, and does happen.
Although it can be a sensitive topic of conversation, it pays to be aware of the potential risks and to understand how you can provide financial security for your family in the event that you are unable to work due to illness, injury or death.
Personal Insurance is a type of cover that provides financial security in the event of a serious injury or illness, loss of ability to earn, total and permanent disablement, or death. There are different types of personal insurance, and these include:
Real life case studies to help you relate & learn the power of advice!
Claire
First Home Buyer accelerating her wealth
Toby
Investing, protecting and minimising tax to achieve his aspirations!
Kate & Matt
A family creating wealth & protecting their children!
Bob & Jill
Kids have left, they’re relaxed and ready to start new and exciting adventures!
Understanding how the power of financial guidance, coaching and advice can help you has never been easier and more affordable!
Real life case studies to help you relate & learn the power of advice!
Claire
First Home Buyer accelerating her wealth
Toby
Investing, protecting and minimising tax to achieve his aspirations!
Kate & Matt
A family creating wealth & protecting their children!
Bob & Jill
Kids have left, they’re relaxed and ready to start new and exciting adventures!
Understanding how the power of financial guidance, coaching and advice can help you has never been easier and more affordable!
The definitions within an insurance contract are important!
Big differences between the definitions and features available within an insurance contract can exist and it is important that you seek advice and compare not just the price, but the quality of the cover.
The definitions within a contract are crucial when claiming, because you may believe you’re not able to work or are totally and permanently disabled, but medical professionals may not share your belief. Moreover, they may not want to risk the liability if there is a slight chance you could recover in the medium to long term. In this circumstance, most medical professionals would delay signing off that you meet the medical definition until further information is known about your recovery. So research and seek advice on what features and benefits allow doctors the flexibility to prove you medically meet the requirements for a successful claim
Insurance Features and Definitions you should consider!
Term Life Cover
Own Occupation TPD
Super-Linking
Standalone Cover
Reinstatement Cover
Future Insurability
Partial Claim Option
Buy-Back Option
Super Option Income Protection
Trauma Option Income Protection
Premier OR Plus Options
Schedule Injury Income Protection
Accident Option Income Protection
Term Life Cover
Insurance Features and Definitions you should consider!
Term Life Cover
Own Occupation TPD
Super-Linking
Standalone Cover
Reinstatement Cover
Future Insurability
Partial Claim Option
Buy-Back Option
Super Option Income Protection
Trauma Option Income Protection
Premier OR Plus Options
Schedule Injury Income Protection
Accident Option Income Protection
Term Life Cover
For more information and a financial case study
How To Calculate Your Need For Insurance Cover
Knowing the types of insurance available to protect your financial situation is a good start, but to truly create the peace of mind that you seek, you firstly need a true understanding of your financial need for each insurance. Knowing the amount of cover required to mitigate the risk of a certain event will create peace of mind that your financial situation is protected.
Fintor specialises in professionally analysing your need for cover to determine a suitable sum insured to mitigate the risk of an illness, injury or death. Our analysis will make you aware and equip you with the knowledge to give you complete peace of mind that your financial situation is protected.
How we can help you?
