𝐇𝐚𝐯𝐞 𝐲𝐨𝐮 𝐩𝐥𝐚𝐧𝐧𝐞𝐝 𝐟𝐨𝐫 𝐲𝐨𝐮𝐫 𝐝𝐞𝐚𝐭𝐡?

So two things you can’t avoid in life, Death & Taxes. You have been paying taxes, directly and indirectly, your whole life. Planning your financial situation for your death will save your beneficiaries thousands (or hundreds of thousands) of dollars in tax. We can’t avoid tax but we can minimise it.

As a morbid topic this might be, there are lots of opportunities for tax planning for your death. Being an accountant sometimes we lack the emotion you might be feeling, however, your best interests are always in our heart. 

Having your Will in place is paramount to ensure the proceeds are directed in your wishes and in the most tax-effective matter, as you have planned for it. Any good lawyer would recommend you get your power of attorney and enduring guardianship setup at the same time. 

You should involve your accountant in this process to discuss the tax position of your wishes. E.g: you own two properties, one is your owner-occupier home and the other is an investment. Both are worth the same, however, the investment property has potential capital gains tax whilst the owner occupier doesn’t. The investment property is worth less to a beneficiary. 

There is lots more to consider, now is the best time to plan.