Tax Effective Wills

We’ve been preparing a few wills of late.

One set of clauses we are including deal with superannuation proceeds that are paid into the estate, which gives more flexibility to ensure they go to the intended persons.

In one instance, we ensured minimal tax by splitting the sum of the Super Proceeds and the Residuary estate equally between three children, but in such a way that:

  • the 2 financially dependent children receive all the Super proceeds, which they will received tax-free; and
  • the non-financially dependent child receives no super proceeds, if possible, because he will lose up to 15% of his share in tax if he gets any super proceeds.

If you found this article helpful, please consider providing a Google Review and/or like us on LinkedIn. For help and advice on estate planning issues contact Michael Paterson & Associates (08) 9443 5383 | www.patersons.com.au

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Chat:
(08) 9443 5383

Correspond:
legaladvice@patersons.com.au

Coffee:
4/88 Walters Drive
Osborne Park
Western Australia 6017

Complete:
the form below…

Please provide your details...