Providing security for future generations.
One of the key components of successful financial planning is to look beyond the immediate horizon and have contingency plans in place for a number of ‘what if’ situations.

Estate and succession planning takes that long view to the furthest point by ensuring the orderly transmission of your wealth and assets in the event of your incapacity or death.

A well-considered estate plan that is regularly reviewed and updated, gives you the confidence that your endeavour and foresight today, can provide financial security for your family and loved ones, or leave a lasting legacy for a charitable cause that’s close to your heart. In addition, estate planning helps avoid the possible difficulties and disagreements that often arise between beneficiaries when plans have not been made.

It’s more than just having a will.

Today, many family structures are more fluid and the financial affairs of astute investors can be reasonably complex. As a result, estate planning has become more important and often goes far beyond merely having a Will.

Family trusts, superannuation and insurance payouts and the tax implications for beneficiaries can all be managed with a careful estate plan. It can even include asset-protection measures, such as a prenuptial agreement.

Likewise, if your assets include a family business, a succession plan is vital in ensuring the smooth handover to a family member, either at a defined time or in the event that you retire, are incapacitated or pass away.

Seeking advice from your financial adviser is a crucial step in developing an effective estate plan.

The tax payable on the income and capital gains earned on your assets is minimised

Your intended beneficiaries receive the right amount of ownership and control of the assets you pass to them, and

Your assets are protected, should a beneficiary be involved in any legal difficulties (for example, divorce or bankruptcy).


Who gets what?

Have you thought about who will inherit which assets and in what proportions?

Paying off debt

If you die, would you have accumulated sufficient assets to provide for your family and pay off debts? If not, your adviser will be able to recommend several ways to avoid leaving your family with such a financial burden.

Who’s in charge?

If you become sick or injured and unable to control your investments, have you nominated someone to manage your affairs?

To find out how Markson Financial Planning can assist you with effective estate and succession planning, talk to us today. Call (02) 8007 6244.
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