How would you feel if the wealth you created over your lifetime was decimated by taxes or went into the pockets of people you did not know rather than to your children or friends to whom you had intended ?
Unfortunately, in the absence of a well-structured, tax effective Will this can be the case. Few people realise that the majority of Wills, however well intentioned, pass on a potential future tax liability (Capital Gains Tax) to their beneficiaries and in some circumstances pass on benefits to parties that were not intended to receive benefits.
A properly structured Will should ensure that you have control over the way in which your estate is distributed to your family and friends.
It should allow you to preserve assets – cash, a superannuation policy, shares, a holiday home, the family business or your own residence.
A tax effective Will:
- Provides for the establishment of a trust structure by the testator at the time of death.
- Allows the beneficiaries to participate in the tax effective redistribution of income generated by the assets held within the trust;
- Can minimise the impact of any Capital Gains Tax payable by deferring or postponing payment;
- Allows children under the age of 18 to earn up to $ 5,400 in income and pay no tax if these assets are held within the trust. Any income above this is taxed at normal adult rates
For the simplest and easiest way of taking care of your Estate Planning needs visit the Law Central site; www .LawCentral.com.au
Lawcentral provide the facility to implement legal documents, such as wills and powers of attorneys in the pleasure of your own home or office.
Powers of Attorney
A Power of Attorney is a legal document (usually a deed) by which a person appoints another to act on their behalf, either generally or in relation to a specific transaction. Power of Attorney cease to exist if the principal becomes mentally incapacitated, which ironically, may be when you require it most. For this reason ?Enduring Power of Attorney? has been designed, which carry the same authority as Power of Attorney, but exists even through mental incapacitation of the principal.
For the simplest and easiest way of taking care of your Estate Planning needs visit the Law Central site at; www .LawCentral.com.au Law Central provide the facility to implement legal documents, such as wills and powers of attorneys in the pleasure of your own home or office.