Joel Eriksson Ek Authentic Jersey  Estate Planning – Falk Legal
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Estate Planning2018-10-22T07:21:37+00:00

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What is Estate Planning

Estate Planning is the process in which a lawyer (and possibly an accountant and a financial adviser) works with a client to ascertain the client’s personal circumstances and financial circumstances. The culmination of the work is an estate plan that aims to provide

  • wealth management outcomes for the client;
  • protection for the client and family;
  • processes for passing control of property to the next generation.

Personal Circumstances

A client’s personal circumstances may include

  • Marriage and/or defacto
  • Birth of a child and or adoption
  • Separation
  • Blended family
  • Vulnerability
  • Capacity
  • Will
  • Statutory will
  • Choice of executor
  • Means tested pension
  • Binding financial agreement
  • Education
  • Absence of divorce
  • Step children
  • Serious injury or disability
  • Power of Attorney
  • Prospect of challenge
  • Jointly held property
  • Accommodation
  • Child support agreement
  • Gambling alcohol and/or drug use
  • Enduring guardian
  • Family provision claims

Financial Circumstances

A client’s financial circumstances may include

  • Starting a business
  • Business / Investment structure
  • Business succession
  • Acquiring life insurance
  • Unrewarded contributions
  • Superannuation
  • Risk of insolvency
  • Loans and gifts to family
  • Taxation of assets
  • Contracts that affect estate plans buy sell agreement
  • Family trust / Company
  • On retirement
  • Nominated beneficiary
  • Sacrifices by family members
  • Establishing SMSF
  • Personal guarantee(s)
  • Partnership agreement
  • Sole trader
  • On death
  • Financial dependants
  • Business risks

Legislation

A client’s personal and financial circumstances may be affected by legislative changes to governing laws.

For example proposed changes to negative gearing may impact on a decision whether to purchase an investment property.

Legislation that may affect personal and financial circumstances include

  • Income tax
  • GST
  • Corporations law
  • Family provision
  • CGT
  • Land tax
  • Trusts
  • Bankruptcy
  • State and Territory duty
  • Superannuation
  • Family law
  • Means tested benefits

Will

A client may not understand the concept of a will. Not all interests in property are able to pass under a will.

Only estate assets owned by the will maker can be gifted.

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