If you have a valid will in place when you die, most of us assume it’s simply a matter of our executors taking care of all the paperwork and paying out our remaining assets to our beneficiaries in the proportions listed in the will.But in fact, when it comes to your super account, what you state in your will doesn’t ... Read more
A simple guide to what tax is payable on super death benefits
When you die, the tax man can be pretty quick to put his hand out to take his cut, and this also applies to the balance of your super account.But working out just how much of your super death benefit will be paid to your nominated beneficiaries and how much will go to the ATO isn’t straightforward. ... Read more
Life insurance through super: A definitive guide
Life insurance inside super is the most common of all personal super insurances. It is often bundled with TPD (Total and Permanent Disability) cover and sometimes with income protection insurance. Life insurance is often referred to as death cover by super funds.In this article we will look at how life insurance ... Read more
Surely I don’t need a testamentary trust will (TTW)?
It is amazing how many times I have been told when taking instructions on a new or updated will that “my affairs are quite simple”. That statement may be true of course but simple is a relative term. As an example, if you want to achieve the more common goals of protection of assets and reducing tax, and who doesn’t, ... Read more
Re-contribution strategy: What is it and how can I use it with my super?
Using a re-contribution strategy with your super sounds complex and mysterious, but in reality the name says it all – you withdraw some of the savings in your super account and then you re-contribute them back into the super system.Which raises an obvious question. Why take money out of super and then put it straight ... Read more
Estate planning, super and SMSFs: Getting your house in order
Estate planning is often overlooked or neglected by superannuation investors. A broad and complex topic, it can be made easier by breaking down the key elements.This article won’t address all financial and legal issues in depth, especially for non-super assets. Instead, in the context of SMSFs, we will highlight some ... Read more