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Wealth Transfer & Inheritance
Investing Wisely
Receiving an inheritance following the loss of a loved one can be a complicated time. It’s essential that you take the time to reflect and consider how you’d like to manage the inheritance. Engaging a Financial Adviser can assist with the decision-making process and help you make the most of your inheritance. Wealth transfer can come in the form of cash, property, shares or superannuation interest. Depending on your inheritance and whether you choose to keep it, sell it or invest it, will impact your tax obligations. Maximising your inheritance and minimising taxation are critical strategies that need to be developed with professional advice.
At Eclipse Financial Planning, we also provide succession planning services in The Whitsundays, Gold Coast, South Brisbane, Airlie Beach, Bowen and Proserpine. If you choose to pass on your business to a family member in the future, having an effective family business succession plan will help ease the transition. It can give you the time to prepare your successor for their responsibilities. To book a free consultation with a Financial Adviser, Contact us today.
What is wealth transfer?
Help ensure your loved ones are protected after your passing with an effective wealth transfer plan. Distributing your wealth while you are alive means your wishes are less likely to be contested after your death. Depending on your assets, wealth transfer is more than just drawing up a will. It can involve navigating the pitfalls of capital gains tax (CGT) on certain assets and directing your super to a beneficiary.
If you own a business, succession planning is also an important consideration to make. The sooner you make plans for wealth transfer will help make for a smoother transition in the future. Engaging a Financial Adviser offers the benefits of an objective, unbiased opinion and prioritises your best interests for your financial future. Call us at Eclipse Financial Planning today to book a free consultation with a Financial Adviser.
Receiving An Inheritance
The passing of a close relative or friend is difficult to deal with. If you’ve been bequeathed an inheritance, make sure you know your tax obligations with advice from the team at Eclipse Financial Planning. If you’re inheriting a lump sum payment, superannuation, or part of an estate, the tax implications will vary. Avoid liabilities and make an appointment with the Financial Advisers from Eclipse Financial Planning. We’ll assess your inheritance and your plans for the future to determine if you’re required to pay tax on all, or part of the inheritance.
For larger inheritances, we can help you explore investment options to make the most of your newfound wealth. Rather than direct all your money into reducing debt or a new car, investing your asset can generate higher returns. Alternatively, you may wish to give your super fund a hefty boost.
Family Business Succession
It can be difficult to plan for retirement when you’ve worked so hard to achieve success with your business. When it comes time to leave your business, a succession plan can assist for the smooth transfer for you and your successor. If you choose to leave your business to a family member, employee or partner, a well-executed succession plan is a smart move. It can give you the time to adjust to the transition and help your successor understand their future work responsibilities.
Your successor may also be in charge of managing your wealth by keeping the business operating at its full potential. Our financial planners will help you implement a succession strategy that addresses all the relevant concerns, including:
- Asset & wealth protection
- Business ownership
- Tax & insurance
- Estate planning
- Superannuation & retirement
