Paul Fyfe Financial Planning © Authorised Financial Services Provider No 13557 and a division of the Fyfe Group of Companies
About Estate Planning.
Instruments.
Hardly anyone can afford to ignore estate planning as a method of securing an adequate income for his or her dependants. People possessing assets which will increase in value have the greatest need for estate planning. Proper use of the following tools in estate planning will ensure that estate duty is kept to a minimum:
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Wills
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Trusts
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Investment holding companies
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Donations
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Life assurance
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Ante nuptial Contracts
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Retirement Annuity Funds
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Utilise 4Q Abatement
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The formation of a Trust may also provide tax and CGT savings but foremost provides for a simple administration of your estate and ongoing management of your business affairs.
What is Estate Planning.
Estate Planning is not only the drafting of a will and the reduction of Estate Duty. It is a team event that creates flexibility, protects your estate against insolvency, estate duty and provides for the management of your assets whilst living and for the succession and seamless transfer of those assets to your dependants and heirs upon your death or at a future determinable date. Estate planning and conservation involves the determination of the value of a person's assets and liabilities at any given time and the implementation of steps to:
1. keep estate duty as low as possible and keep the e value of assets at a certain level for the purpose of ensuring that any growth in the value of these assets does not become dutiable in the owner's estate;
2. ensure that enough cash to pay estate duty and other costs;
3. ensure that the survivors of the deceased who were dependent on him, have enough cash for their living requirements;ensure that the deceased's assets are distributed in the manner intended.
