Tax-effective Estate Planning

May 11, 2017

This week we’ve been working on some novel Wills for a husband and wife who each have children from their previous marriages.

They each wish to give a portion of their superannuation to their children from their accounts in their self-managed super funds.

However, the most tax-effective strategy is probably to have a binding death benefit nomination to each other, rather than distribute the funds to the estate, or partially to the children.

So, we have set the Wills up to contain a contract whereby they each agree to pay the agreed sum to the other’s children in the event of the other dying. This is an enforceable contract, even if one revokes the Will.

For assistance Wills and Estate Planning, see Michael Paterson & Associates.