Estate Planning

• Estate Planning is not just about having a Will. It involves the review, management and control of your personal, family and business affairs according to your wishes while you are alive.
• A well-constructed Estate Plan can protect your assets and save your family and friends a great deal of angst when the inevitable happens.
• Your estate plan will vary depending on your family circumstances. Of primary concern if you have a young family is to choose a legal guardian. If you have a grown up family you may want to consider how best to financially look after your children and grandchildren.
• A good Estate Plan minimizes tax and protects your assets.
• Update your will and nominate an executor.
• Non estate Assets such as jointly held assets, family trusts, super funds and private companies may not be able to be dealt with under your will. You may need to take additional steps to ensure these assets get to your chosen beneficiary.
• You may need to set up a specific structure or trust to look after beneficiaries with special needs and sizable bequests to charities.

Superannuation

Foley Wilson provides tailored advisory services where our advisors assist you with identifying and assessing superannuation options, along with generating superannuation strategies that help your maximise your super.

Depending on your scenario, there are many different ways you can help give your super a boost. For example, consolidating your funds into one fund could reduce fees and make it easier to manage your super. Additionally, some super funds may provide access to more comprehensive and competitive life insurance, which could help ease the financial cost if you're looking for cover.

Foley Wilson can offer advice on all Superannuation services, including:

• Retail and Industry superannuation fund setup and management
• Consolidation of superannuation funds
• Reviewing insurance options within your fund
• Set up of SMSF and all administration tasks such as preparation of your trust deeds, completion and lodgement of relevant ATO statements
• Ensure your SMSF is compliant with current superannuation laws and regulations
• Advice on strategies to contribute towards your superannuation savings
• Salary sacrificing to help boost your superannuation where possible
• Assessing and recommending investment options to suit your goals and lifestyle

Retirement Planning

Retiring from paid work is a major life change and Foley Wilson can help you to plan for this by considering several essential questions:

• How much superannuation is enough?
• Should you have a self-managed superannuation fund (SMSF)?
• Should you take a superannuation pension?
• Are you eligible to claim a Government part or full Age Pension?
• Is your ‘estate’ in order? Have you planned for the transfer of wealth to your family?
• Do you have a valid Will?

Estate Planning

• Estate Planning is not just about having a Will. It involves the review, management and control of your personal, family and business affairs according to your wishes while you are alive.
• A well-constructed Estate Plan can protect your assets and save your family and friends a great deal of angst when the inevitable happens.
• Your estate plan will vary depending on your family circumstances. Of primary concern if you have a young family is to choose a legal guardian. If you have a grown up family you may want to consider how best to financially look after your children and grandchildren.
• A good Estate Plan minimizes tax and protects your assets.
• Update your will and nominate an executor.
• Non estate Assets such as jointly held assets, family trusts, super funds and private companies may not be able to be dealt with under your will. You may need to take additional steps to ensure these assets get to your chosen beneficiary.
• You may need to set up a specific structure or trust to look after beneficiaries with special needs and sizable bequests to charities.

Centrelink

Foley Wilson & Co provide complete assistance in obtaining Centrelink entitlements for clients.

Our advisers can assist you throughout the application process and fulfilling Centrelink's strict requirements, but also in strategically structuring your assets in order to maximise entitlements.

We provide advice on all Centrelink entitlements including Age Pension, Disability Support Pension, Rent Assistance, and Carer Payments.

We can also provide assistance to those individuals receiving entitlements from the Department of Veterans' Affairs

Aged Care

If you, or your family, need to decide about aged care suddenly the added emotional stress and working a way through the process can make finding an agreeable solution seem impossible. By thinking ahead early you can consider alternative options, seek appropriate advice and put plans in place - then you can move on to enjoying your retirement.

Paying for Aged Care

When the time come to move yourself and/or your parents into residential aged care the associated costs will be determined by a means test applied to your personal income and assets, including the family home.

Homeowners with insufficient cash to cover the cost of aged care accommodation are tempted to sell or rent out their property. For example, if they rent out their home, a combination of rental income and part-pension may provide enough money for living costs, while retaining the family home. Selling up on the other hand, could reduce an individual’s pension entitlement if the value of the home far outstrips the cost of care.

It’s really important to seek financial advice on what the best option is for you or your parents so you can make sure you’re living the best life you can. Structuring your affairs appropriately prior to or as early as possible when Aged Care becomes a reality can ensure you achieve the following:

• Determining whether or not to sell the family home.
• Most appropriate method of funding your RAD/DAP (e.g. Bond) upon entry to an Aged Care home.
• Minimise the ongoing costs of Aged Care.
• Maximise your incomes from both Government (e.g. Centrelink Pension) and your own investments.
• Position your financial assets appropriately for your children to inherit.

Risk Protection

Personal risk insurance has become an essential component of modern life and there is a variety of insurance options available to suit your situation whether you are an individual, couple, family or business owner. Our advisors will take the time to assist you in choosing the most appropriate insurance cover for you from the myriad insurance options available:

• Life Insurance
• Income protection insurance
• Business expenses protection insurance
• Trauma or critical illness cover
• Total Permanent Disability (TPD)