Comprehensive Estate Planning

The importance of a Comprehensive Estate Plan

We may not like to think about it but when it comes to our death, it pays to plan ahead. 

take aimThe emotional impact your death can have on your family and friends is tough enough let alone the addition of financial stress due to ill-planning or no planning at all.

There are many considerations to ensure your family has adequate protection and your estate is properly distributed and managed. 

Estate planning can often be a complex area to address, so consultation with your professional advisers can help ensure you have the right arrangements in place. We explore below some areas you may need to discuss when you seek professional advice:  Read more…

Compounding super

Compounding super: Retirement planning at ageā€¦

Compounding super
rocketEach scenario depicts you at a different age (in the present) when you start your retirement planning journey; however, your financial goals remain constant, namely, to accumulate $545,000 in superannuation by age 65, which is the minimum amount a single person may require for a comfortable retirement#.

General calculation assumptions

  • You are employed, and your income for each starting age is based on ABS data.
  • Your employer is contributing the mandatory Superannuation Guarantee contributions.
  • Your employer and voluntary contributions increase with inflation (3.2% per annum).
    • 2% per annum for rising cost of living (CPI inflation) + additional 1.2% per annum for rising cost of community living standards.  Read more…

Superannuation death benefits

Review succession plans

Regardless of the size of your superannuation benefits, it is vital that you sort out your estate plans to ensure that you have a well prepared estate plan so that the right assets go to the right beneficiaries. 

retired couple plansYou need to make sure that you get holistic estate planning advice and have arrangements in place to review your estate plans regularly. Estate plans are not to be set and forgotten.

First and foremost, it is important to understand that the payment of your superannuation death benefits are covered by the rules of your SMSF trust deed and do not automatically form part of your Estate for distribution in accordance with the terms of your Will. As trustee of your SMSF, you will need to make sure that you have read and understood your SMSF's trust deed and that you comply with it at all times. 

On your death, one option is to rely on the SMSF trustee's wide discretion to determine who, within the operation of the law, will receive your death benefit and how much each beneficiary will receive.

Read more…

Alerts to protect SMSFs from fraud

SMSF alert fraud protection

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. 

smart phone SMS textThe ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.

Trustees need to notify the ATO within 28 days of key changes to the fund including a change in trustees, directors of the corporate trustee, members, contact details, address and fund status.

Self-managed super and superannuation law in general is a delicate area and personalised planning is required for each individual. At Collins Hume we are superannuation specialists, and can assist in establishing a superannuation fund that will effectively allow you to reach your financial retirement goals. Read more here or call us on 02 6686 3000.

Collins Hume partners with you to achieve greater business and lifestyle success as your trusted advisers. Call us in Ballina or Byron Bay on 02 6686 3000.

Regular insurance reviews

Reviewing your insurance regularly to ensure you are properly covered!

We live in a world of constant change and people are often unaware how such changes can affect the insurance they hold. 

life insuranceThat is why we believe in the importance of regularly reviewing your insurance cover to ensure that it continues to reflect your current situation, needs and wants. 

To help you understand if your insurance policies suit your current situation, needs and wants we have added some common life and financial events below that may help you to determine if an insurance review is needed. If any of the events have occurred, or you think anything else may impact your insurance needs, please contact us directly and we will organise a meeting to review your insurance.

Read more…

Collins Hume
is a CPA Business
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*Other than for the acts or omissions of financial services licensees.