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Doing Business With You

Estate Planning

 

Estate planning is more than simply preparing a will.  Estate planning should take into account:

  • An assessment of the overall your assets 
  • Possible reorganisation of our your affairs
  • Restructuring to take into account capital gains and other tax considerations
  • Consideration regarding possible claims against the estate
  • The protection of assets against creditors or other risks relating to beneficiaries

A Continuous Process
Estate planning is a continuous process and must be reassessed whenever any major event occurs. Major events include:

  • Marriage or divorce
  • The purchase of a new major asset such as a property or other investment
  • Starting up or the closing of a business
  • The commencement or acquisition of a Superannuation or Life Policy
  • Children marrying undesirable spouses
  • Marriage of children appears troubled
  • Where a beneficiary’s insolvency is imminent
  • Where Tax laws change
  • If a discretionary trust is established

Testamentary Trusts
Testamentary Trusts are one of the greatest planning tools available to every taxpayer and their advantages include:

  • Protection of pension entitlements for surviving spouses and Beneficiaries
  • Income tax advantages to Beneficiaries of a will
  • Capital Gains tax advantages to Beneficiaries of a will
  • Protection of Beneficiaries against creditors and bankruptcy
  • Control of assets against spendthrift Beneficiaries

Contact McNamara & Associates for assistance in relation to your estate planning needs on 02 44 230155 or email us at:  enquiries@mcnamaralawyers.com.au .

 

 
 

Suite 6 / 3 Schofields Lane  •  PO Box 1256 NOWRA NSW 2541  • DX 5319 NOWRA  •  Ph: (02) 4423 0155  •  Fax: (02) 4423 0811
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