Why you should upgrade to a smarter Last Will & Testament
I wanted to get in touch because we’ve been noticing that more and more Australian’s are considering Wills with Testamentary Trusts, and for good reason. With a Testamentary Trust you could reduce the taxes on your estate by $155,000 or even more.
To find out how, download our FREE guide:
If you’ve recently become the owner of property, shares or other assets, you should consider upgrading to a more sophisticated will that properly protects your assets and reduces unnecessary tax.
Your Home Becomes An Investment Property – Case Study
Jane’s only major asset is her 2-bedroom apartment worth $800,000. Jane leaves everything to her only child, Mary. Mary has a job paying $120,000 p.a. and 2 children who are still in school. Mary rents a 3-bedroom townhouse and can’t yet afford to buy her own home. Once Jane passes away, Mary rents out Jane’s old apartment as an investment property, earning $40,000 p.a. in rental income. Mary holds the apartment for 10 years and then sells it for $1M, making a $200,000 capital gain.TOTAL TAX SAVED = $156,650* * * *
With a Smarter Will, Mary ‘streams’ the additional $40,000 p.a. in rental income equally between her 2 children to take advantage of their lower tax rates, saving $14,116 in tax per year, every year. In the final year, Mary can similarly ‘stream’ the additional $140,000 income (ie, $40,000 rent + $100,000 capital gain after the 50% CGT discount) equally between the kids, saving $29,606 in unnecessary tax.Download the free guide for more detail.
This is only possible with a special type of trust called a “testamentary discretionary trust” that can only be created under a will. These trust structures also help to protect your hard-earned assets from creditors and predators. We are equipped to provide this higher level of service.
Already have a will? Chances are you need an upgrade, so contact us now for a free review of your current will.
Smarter estate planning in NOT just for the wealthy
………as the above case study shows.
You’ve worked all your life to build what you have – don’t waste tens of thousands of dollars in unnecessary tax, and expose your hard-earned assets to risk, for the sake of a few hundred dollars now.
Download the free guide and contact us to discover how upgrading to a Smarter Will can add tens of thousands of dollars to the value of your estate.
Disclaimer: The above is to be considered as general education. This is not advice and it is not to be acted upon without advice from a qualified professional who understands your personal circumstances.
Copyright © 2019 Wockner Lawyers. All Rights Reserved. Contact Wockner Lawyers – [email protected]. This article may not be used without the prior written consent from the author. See below for more details…
DO YOU WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEBSITE? You can, as long as you include this text copy in its entirety:
For assistance with your next Property and Conveyancing transaction, or your Wills and Estate Planning arrangements, contact Wockner Lawyers.