Passing On Your Wealth 2018-01-02T15:45:51+00:00

PASSING ON YOUR WEALTH

You want your family to enjoy the best that life can offer. Securing your own financial future is a high priority, but so is helping your children and grandchildren to meet the same goal. You’re in a strong financial position, but worried about unknown future costs like long-term care and rising utility costs. You’d like to pass on your wealth but you don’t know how.

Your children could well be successful, but university debt and sky-high property prices are making life harder for them than it was for you. At North Financial Advisers we can work with you and your family to develop tailor-made financial plans that make the most of your investment savings, retirement income streams, budgeting for the future and other options open to you.

Our years of experience working with families has taught us that families that do best are the ones that plan ahead not just individually but collectively. We will do the hard work, building a financial action plan to help ensure you and your family have the security you need today and in the future. There is no way of knowing for sure what will happen, but having a plan will help put things in perspective. Understand tomorrow, and you can enjoy today.

The financial pressures facing the modern family can be overwhelming and they do not disappear with age.

As you consider Your Options At Retirement you are likely to be more financially secure than ever before. Mortgages have been paid off, children flown the nest and you may be benefiting from a retirement income stream that will pay you a generous income for the rest of your life.

That does not mean financial concerns are consigned to the past. Thinking of your own future, you might be concerned about aged care availability and costs, what will happen to you in the future or how to set up a power of attorney or will or even in the event you will be unable to manage your finances. Aged Care is a complex area – seek professional help.

You may also be acutely aware of the financial pressures your children and grandchildren are under. They may have left home, sometimes long ago, but that doesn’t stop you worrying and wanting to help.

Rising living costs, low interest rates and the struggle to get on the housing ladder are putting huge financial strain on generations younger than 50. Employees have suffered from unusually slow wage growth in the last 10 years. The dramatically changing superannuation landscape has also taken its toll, with a shift away from annuities, defined benefit schemes and adequate government aged pension to usually less generous defined contribution plans. Given the high cost of school and university fees and rising levels of debt, even “well-off” families can feel their finances are out of their control.

Often the answer is simple: you know what you have got, but you don’t know what you will need in the future. You are unsure how long you will live and whether you will have enough capital and income to last. You do not want to hand over money to your children only to be forced to ask for it back later in life when your own finances run short. There are some key Investment Strategies in Retirement you should consider.

That is why, if you want to create a successful financial plan to help your children and grandchildren, it has to begin with you. You need to establish what you want to do with your money now and what you might need in later life, what is available now in terms of capital and income and how you might need to invest in order to maintain your lifestyle in the future.

North Financial Advisers can carry out a cashflow analysis that will provide a clear and detailed summary of your financial arrangements and help us to forecast your future needs. Your financial planner will be able to ‘stress test’ how different financial decisions, growth rate assumptions, inflation and other economic events might impact on your ability to meet your financial goals. This can help with all sorts of things from weekly budgeting to making sure you are using all your tax allowances to superannuation savings.

Once you have clarity about what you require, you can establish how much wealth is left to pass on to future generations. Our experts will build a tailor-made financial plan that gives you clarity about your current and future situation and gives you the confidence to help your family now.

Strategies to consider once a qualified financial adviser has completed your cash flow analysis, therefore assuming you know how much you can afford to gift or assist, these strategies may be useful:

  • gifting, either as a once off or a regular plan. Don’t forget there are limits to gifting relevant to Centrelink benefits.
  • investment bonds, a long-term approach that is very tax effective
  • pay off student loans for children
  • purchase your own funeral bond to save your children buying it
  • lend money to your children to invest in wealth creating assets
  • provide a guarantee for your children to purchase property or wealth creating assets
  • establish testamentary trusts in your will as part of a complete estate planning package. Be mindful of blended families.
  • Make sure you have appropriate legal binding death benefit nominations

Remember your adviser will consider your overall needs including emergency funding.

WHY US?

  • Members of Chartered Accountants ANZ and Financial Advisors
  • 30+ years in financial services, commercial and public practice
  • Licensed for Taxation, Audit and Authorised to provide Financial Advice
  • Authorised to provide Personal Financial Advice with appropriate taxation advice and guidance
  • Extensive experience with large and small business, family trusts, partnerships, SMSF’s, deceased estates and business restructuring
  • Specialise in self-managed super funds and provide accounting & tax, financial advice and audit services
  • Asset Management and Investment Advice
  • Personal Risk Insurance

  • Deposit Products
  • Managed Investments including Unit Trusts, Investment Bonds, Direct Shares, Property Trusts, Growth Funds, Balanced Funds, Indexed Funds and Cash Management Accounts
  • Share Market Investments
  • Tax Effective Investments
  • Superannuation, including Allocated Pensions, Rollovers, Personal Superannuation, Company Superannuation and Self Managed Superannuation Funds
  • Retirement Planning including aged care and estate planning
  • Life Insurance Products, including Annuities, Term Insurance, Income Protection, Trauma and Total and Permanent Disability Insurance
  • Investment Bonds
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North Financial Planning for tax-effective investment strategies

Paying taxes is an important legal requirement but by investing tax efficiently you can aim to make the most of your available tax allowances and incentives. Speak to us how.
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