Life Insurance and
Estate Planning

Estate planning

Your estate plans and financial plans need to work in harmony to reduce the risk of your loved one’s arguing over money after you’ve passed away, whilst enhancing tax efficiencies and protecting your legacy from unintended parties.

A successful estate plan covers:

  • A review of your existing assets and protect your hard-earned wealth, and your families financial security, with life insurance, if necessary;
  • Consider your beneficiaries and how they shall be placed financially on your death;
  • Review different methods of transferring assets and consider structural taxation and costs versus benefits. Such strategies including life interests, investment bonds, testamentary trusts and reversionary superannuation benefits; and
  • Ensure your superannuation binding death benefit nomination is up to date and valid.

Secure online family vault

As part of the Private Wealth Program, we will offer to hold a copy of your important documents such as your will, powers of attorney, tax returns and trust deeds within your secure online family vault – so if anything happens to you, we can promptly assist your trusted appointors.

Insurances

Protect the ones you love by securing your income, assets and lifestyle. 

You never know when your situation may change. 

We will take a closer look at your personal insurances so that you are prepared for life’s unexpected events.

Personal insurances include:

  • Life insurance
  • Total and permanent disability insurance
  • Trauma insurance, and 
  • Income protection insurance. 

For business owners, this can also include:

  • Business Expense Insurance
  • Key Personal Insurance
  • Life, TPD and trauma cover to fund a Buy/Sell Agreement

Our personal insurance advice service will:

  • Review your existing personal insurances, superannuation and estate plans 
  • Calculate the appropriate levels of cover for you and your family without over insuring you
  • Consider health issues that concern you
  • Recommend competitive insurance policies, and 
  • Structure your insurances affordably and tax effectively. 

We will help you put a plan in place to suit your needs and will also be by your side to co-ordinate and manage the paperwork in the event of a claim.

Wealth Preservation

Let us help you protect your hard-earned wealth

Wealth preservation has become a significant issue as our lives become increasingly litigious. Both individuals and businesses are at risk of sometimes frivolous claims, so more and more people are ensuring that their assets are well protected.

In simple terms, a wealth preservation strategy separates assets from risks. Traditional strategies involve ‘gifting assets’ (putting assets in the name of a trusted person/entity who does not take on any risk), however there are other strategies that can be more effective.

When considering wealth preservation as part of your overall financial plan, strike a balance between various options. Sometimes an emphasis in one area may reduce efficiency in other areas. Such is the case when trying to balance the issues of wealth preservation, tax efficiency and estate planning. A tax-efficient structure may not protect assets; or a structure where all wealth is preserved may be too rigid to operate a business and maximise wealth.

If you are in business with others, we may consider:

Buy/Sell agreements

If you have a business partner, it’s important to protect your business equity if your partner passes away or falls seriously ill by implementing a ‘buy/sell agreement’.

Key Person Insurance

Protecting your business also means insuring key people such as you, as the business owner, an employee who is critical to the business capital and revenue, an employee with a particular skill or technical expertise, senior sales manager, partner, CEO or managing director. We can do this with Key Person Insurance and Business Expense Insurance which can provide an injection of revenue or capital to help keep your business afloat, in the event of you or a key person passing away or becoming seriously disabled or ill.

Business Expense Insurance

In the event of a serious disability or illness of a key person who cannot work, business expense insurance covers up to 12 months of the fixed business expenses.

Entity review

We will collaborate with an accountant to review how your business and assets are structured to mitigate your personal risk from creditors. 

Gift and Loan strategy

This strategy allows your assets’ value to be gifted to a lower-risk structure, such as a trust. 

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