123. Estate Planning

Welcome back to another episode of the 360 Money Matters Podcast! 

In this episode, we explore estate planning, dispelling the misconception that it’s solely about who will inherit your assets. We stress the need for professional assistance in creating a valid will to document wishes accurately. We also highlight concerns regarding inheritance taxation, particularly in superannuation cases, where non-tax dependents may face taxable status.

Additionally, we advise seeking professional advice and introduce a strategy called a recontribution strategy. This strategy, if certain conditions are met, can alter the superannuation status, potentially avoiding or minimizing taxes when the proceeds are distributed to non-dependents. 

In conclusion, we suggest having transparent conversations with beneficiaries to communicate the reasoning behind decisions in the estate plan. Individuals should also consider the importance of seeking professional guidance and conducting regular assessments of the plan.

Discover the secrets of estate planning on our latest episode! We break down myths, share tips on dividing assets, tackle tax complexities, and reveal strategies to cut down on taxes. Don’t miss out on expert insights—listen now to make your estate planning decisions smarter and simpler!

This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis &  Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706


Episode Highlights

  • Importance and complexity of estate planning

  • Importance of engaging with a professional for valid wills

  • Enforceability of estate plan

  • Importance of reviewing the estate plan periodically

  • Challenges of equalization and considering various factors

  • Ensuring beneficiary nominations align with future wishes

  • Importance of discussing the estate plan with beneficiaries

  • Testamentary trusts and their uses

  • Consideration of wishes and goals for the estate plan


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