Services

Our Financial Services

• Superannuation and Retirement Income Streams
• Debt structuring
• Wealth creation
• Self Managed Super funds
• Investment strategies
• Taxation management strategies**
• Asset & Portfolio Structuring
• Personal risk protection ( Life, total & permanent disability, income protection and trauma protection)
• Managed funds and direct shares
• Financial strategic advice
• Centrelink and Aged Care Advice

*Asset Architects Pty Ltd ABN 44 121 348 098 [t/a/ Legal & Financial Advisory Services(Australia) ] is a Corporate Authorised Representative of Infocus Securities Australia ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523* -* relevant to Financial Services only.

** You should always seek your own independant professional tax advice.

Please note, we only provide services we are authorised to recommend, and do not provide advice in relation to credit/ mortgages. We will only recommend products that are on our Approved Product List.

Refer to Important Financial Services Information page for full details in relation to our Financial Services.

Estate Planning

Not Just a Will:

Estate planning is more than just a Will. It isn’t just about ensuring that your assets and investments are transferred to your family and loved ones in accordance with your wishes.

It is also about ensuring that your hard earned assets in your estate are received by the intended beneficiaries with the maximum value and without unnecessary cost. Taxation liabilities need to be managed and minimised, and asset protection needs to be considered.

The objective is to develop a structure during your lifetime that will allow you to continue to accumulate wealth, to protect your wealth and then distribute your wealth efficiently upon your passing.

The ultimate goal is for your assets to be transferred in the way you want, to the people you want, in a tax effective way and to minimise the ability for your estate to be attacked as a result of unforeseen events such as bankruptcy, divorce, family dispute, business failure and litigation.

Why Your Will isn’t enough:

Your Will is an important part of an effective estate plan, but not the only part. Your Will documents how the assets you own personally are to be distributed, but an estate plan also develops strategies for distributing your “non-estate assets”, or assets which pass outside your Will. These can include superannuation, company assets, trust assets and business assets.

If You Don’t Have a Will or your Will is Invalid:

If you have no Will when you die, a statutory formula, or the “rules of intestacy” will apply to the distribution of your estate, with no regard to you or your family’s wishes. This may result in your estate assets being paid to unintended beneficiaries or non-family members.

Your estate assets may be significantly reduced, and distribution may be delayed causing financial hardship to your family. Estate assets may be depleted because they were needed to fund expensive court costs associated with proving a potentially invalid Will. The stress on your family and extra cost of administration of an intestate estate can easily be avoided by ensuring that you plan for your future with an estate plan.

Wills can be either simple or complex, depending on your personalised needs. You may have a blended family and/or complex or sophisticated structures in place. You may wish to protect the interests of a disabled or “at risk” beneficiary. You may wish to ensure that your children receive the proceeds of your estate in the event that your surviving spouse re-marries. In this case your estate may best be protected from potential future claims and creditors through the use of a Testamentary Trust.

The Importance of Reviewing your Will and Estate Plan

OUR LEGAL SERVICES OUR FINANCIAL SERVICES ESTATE PLANNING TESTAMENTARY TRUSTS POWERS OF ATTORNEY FAMILY LAW PROPERTY SETTLEMENT OPTIONS BUSINESS SUCCESSION PLANNING CONVEYANCING

Estate Planning
Not Just a Will:

Estate planning is more than just a Will. It isn’t just about ensuring that your assets and investments are transferred to your family and loved ones in accordance with your wishes.

It is also about ensuring that your hard earned assets in your estate are received by the intended beneficiaries with the maximum value and without unnecessary cost. Taxation liabilities need to be managed and minimised, and asset protection needs to be considered.

The objective is to develop a structure during your lifetime that will allow you to continue to accumulate wealth, to protect your wealth and then distribute your wealth efficiently upon your passing.

The ultimate goal is for your assets to be transferred in the way you want, to the people you want, in a tax effective way and to minimise the ability for your estate to be attacked as a result of unforeseen events such as bankruptcy, divorce, family dispute, business failure and litigation.

Why Your Will isn’t enough:

Your Will is an important part of an effective estate plan, but not the only part. Your Will documents how the assets you own personally are to be distributed, but an estate plan also develops strategies for distributing your “non-estate assets”, or assets which pass outside your Will. These can include superannuation, company assets, trust assets and business assets.

If You Don’t Have a Will or your Will is Invalid:

If you have no Will when you die, a statutory formula, or the “rules of intestacy” will apply to the distribution of your estate, with no regard to you or your family’s wishes. This may result in your estate assets being paid to unintended beneficiaries or non-family members.

Your estate assets may be significantly reduced, and distribution may be delayed causing financial hardship to your family. Estate assets may be depleted because they were needed to fund expensive court costs associated with proving a potentially invalid Will. The stress on your family and extra cost of administration of an intestate estate can easily be avoided by ensuring that you plan for your future with an estate plan.

Wills can be either simple or complex, depending on your personalised needs. You may have a blended family and/or complex or sophisticated structures in place. You may wish to protect the interests of a disabled or “at risk” beneficiary. You may wish to ensure that your children receive the proceeds of your estate in the event that your surviving spouse re-marries. In this case your estate may best be protected from potential future claims and creditors through the use of a Testamentary Trust.

The Importance of Reviewing your Will and Estate Plan

Life is an evolving process and your needs, assets, structures, circumstances and beneficiaries inevitably change. Legislation also changes. You need to ensure that your Estate Plan is kept up to date to accommodate these changes.

There can be many advantages in establishing a properly drafted Will and Estate plan. Many pitfalls and unintended potentially costly mistakes may be avoided by if you plan in advance. You can maximise the benefits to your family in a time of trauma and need, and achieve your own peace of mind now.

As a general rule, you should consider making a new Will if you are:

• Buying or selling property or receiving a cash windfall
• Starting a business
• Going overseas
• Getting married
• Getting divorced or separated
• Having children
• Inheriting money or property
• Retiring, getting older or suffering an illness

Testamentary Trusts

A testamentary trust is a trust which is established by a Will, the provisions of which are embodied within your Will. The trust “comes alive” upon your death. The trust assets are comprised of assets from the estate and are administered by a Trustee or Executor appointed in the Will.

Advantages of testamentary trusts can be:

Asset protection for “at risk” beneficiaries: Inheriting assets into one’s personal name may put at risk the asset protection safeguards that beneficiaries such as company directors, doctors etc have spent time and energy during their careers to put in place.

Asset protection in family breakdowns/ divorce: A properly drafted trust may reduce the likelihood of the inherited assets being included in a court ordered property settlement.

Income splitting advantages: Tax efficiencies may be achieved through income and capital being distributed between two or more beneficiaries.

Income tax advantages when distributing to beneficiaries under 18 years old: Significant tax concessions may be achieved when a minor beneficiary receives income from a testamentary trust. Each beneficiary is taxed at the higher adult tax free threshold instead of the much lower normal rate applied to children.

*please note, Trusts can be more expensive to adminster than if the assets were held individually and can add to the costs of the intial will drafting expense.

Powers of Attorney

In some situations, such as illness, a long holiday or mental incapacity, you may need to authorise a close friend or family member to make certain decisions on your behalf. These decisions may involve your assets, signing documents or your preferred medical options. Such authority is called a power of attorney. The person you appoint as your attorney steps into your shoes and makes decisions for you as if you were making them yourself.

Different types of powers of attorney are used in different circumstances.

• Enduring Power of Attorney – should you lose your mental capacity

• Medical Power of Attorney – to exercise your wishes in relation to your preferred medical options (Advance Health Directive)

• General Power of Attorney – for specific financial purposes or for a limited time.

Irrespective of age, many clients ensure they are protected in the event of unforeseen circumstances by making an Enduring Power of Attorney.

The Advantages of a Power of Attorney:

An enduring power of attorney can be an invaluable document. It can save significant time, cost and inconvenience for you, your family and your business.

For example, if you are unconscious as a result of a car accident then during your incapacity your spouse may need make decisions on your behalf. They may also need to access your bank accounts to pay for expenses and medical costs. If you have not made a financial enduring power of attorney, then your spouse may need to obtain approval from a court or tribunal before being able to access your bank account. This can take time and is a costly process. It can be grossly inconvenient and add to the distress of dealing with the unexpected event.

An enduring power of attorney should therefore be made while you are in good health and capable of giving directions to your attorney about how you wish your affairs to be conducted.