Part 1 - The Estate Planning Conundrum
Retirement Planning (planning for your life after work) and Estate Planning (planning for the lives of others after your death) involve a mysterious web of rules, regulations and taxes overlayed on the family dynamic.
Confusing to most and industries within themselves (where seemingly everyone not only the taxman is putting their hand in your pocket along the way and where you get different advice depending on the advisor and where everyone is telling you they know more than the others).
There are conundrums and risks at every turn whether planning to live comfortably during your winter years or providing for your loved ones when you have departed.
Getting your plan wrong can have disastrous consequences in this life and for your family in the generations to come.
Getting it right can buy you something priceless. Peace of mind.
If you are looking for a clear way forward the words that follow may be helpful.
Behind despair hope is patiently waiting.
Hopefully this confessional will help people:-
- gain a better understanding of the advice they receive
- make an informed decision to rely (or not) on that advice;
- assess whether or not they are getting value for money;
- make informed decisions about when and what they do in their planning (and see through the Estate Planning spin in its varying forms).
It is a confessional as I have been witness to too many bad things. I need to clear the air, get it off my chest so to speak and tell the world. I am going to feel better once I have done this.
I will attempt to provide a reality check and the right information on Enduring Powers of Attorney, Advance Health Directives, Estate Planning, Testamentary Trusts, Wills, Probate, Family Trusts, Family Law, protecting an Inheritance, Asset Protection, Estate Disputes, Estate Litigation, contesting Wills, Administration of Deceased Estates, Superannuation Death Benefits, SMSFs, Binding Death Benefit Directions & Nominations, Pensions, the Financial Planning Industry (including finding the right advisors) and the like.
There is a lot of ground to cover and the confessions will come in instalments. There is too much to digest all at once.
So let's start at the end - where we are now in 2016.