EverMore Partners | Financial planner

EverMore Partners

Phone: +61 450 502 259

Add/Update information

Reviews

Tags

• Business consultant
• Financial planner
• Estate planning solicitor

19.01.2022 COMFORTABLE/SECURE RETIREMENT According to the ‘Retirement Standard’ released by the Association of Super Funds of Australia (ASFA), if you can see yourself driving a reasonable car, wearing good clothes, drinking bottled wine, and holidaying anywhere you’d like to go in Australia with the occasional overseas flight to a destination of your fancy, then you’re looking for a ‘comfortable’ retirement lifestyle. Assuming that you are of reasonable health and own your home outrigh...t, ASFA reports that a couple seeking a ‘comfortable’ retirement would require a lump sum of $640,000 in their super fund, and a single person would need $545,000. These figures assume that all capital is drawn down and retirees are receiving a part Age Pension. Given that these figures are subjective and based on general assumptions, you could also do a quick calculation by assuming that you will need around 67% of your current income (two-thirds) to maintain your pre-retirement lifestyle. How will you measure up?

19.01.2022 Superannuation changes from 1 July 2019 for small balance accounts. A key change designed to limit the erosion of small super balances is that insurance (such as life insurance) will be maintained on an opt-in basis for inactive super accounts, defined as those that have not received a contribution in 16 months. Superfunds will be required to contact inactive members before 1 May 2019 to confirm whether they wish to maintain their existing insurance cover. Superfund trustees ...will also be required to transfer all inactive accounts with balances below $6,000 to the ATO, which will then strive to transfer these balances to the owner’s active superannuation account. If you have been maintaining a small inactive superannuation fund for insurance purposes, it is likely this legislation will affect you. You may have your insurance policy cancelled, or, if your balance is below $6,000, your policy cancelled AND your balance transferred to the ATO. Neither of these outcomes is desirable if you are intentionally arranging insurance cover in an account separate from your existing active super balance. For assistance please call us on (02) 9293 2500.

12.01.2022 Baby on the way? While we completely understand the desire to put off making changes to your Will until after baby arrives. But NOW is the time to get it sorted (including incorporating a testamentary trust in your Will).... Once the baby is here, finding time to go back and update, or start, estate planning documents is the last thing you'll have time for! We make it simple, easy and cost-effective. Contact us on (02) 9293-2500.

11.01.2022 It is common for spouses to make mirror Wills to provide for each other and their children when they die. Often they gift their entire estate to each other, or if they die together, then to their children. However, unless special arrangements are put in place, the surviving spouse is free to change their Will after their spouse dies and may not choose to leave the estate to the children. This can happen if the survivor enters a new relationship or remarries, and that is exact...ly what happened in the Queensland case of Haggarty v Wood [2013] QSC 327. Here the entire estate went to the new spouse under a new will. The children (i.e. son of the deceased) contested the Will but the Court ruled in favour of the new spouse. Further, the son ended up having to pay all the legal costs of the case. Things could have been avoided back when mum and dad made their mirror Wills, by entering into contracts for mutual Wills with testamentary trusts. For more information, contact EverMore Partners in (02) 9293 2500.

08.01.2022 BEWARE Superannuation Changes from 1 July 2019 From 1 July this year, superannuation funds will be required to cancel insurance cover within accounts if the account is deemed to be inactive. This is a consumer protection measure under the Protecting Your Super reforms, but it could also have the unintended consequence of Australians losing out on insurance policies, mainly life insurance, they thought they held.... The changes will affect accounts that are inactive for 16 consecutive months, unless the member contacts the super fund and elects to keep their insurance or make a contribution to the account. This is especially the case for anyone with multiple super accounts. An account is inactive if it has received no financial contributions for 16 months or more. Please check your super account asap! If in doubt, speak to your superfund or contact us by email on [email protected]

07.01.2022 Estate Planning MYTH # 5 If I leave someone $1 under my Will, then they can’t make a claim against my Estate Legislation in every State provides that the Court may consider an application made by an eligible person where the deceased has not made adequate provision from the Estate for that person.... It is therefore not sufficient to leave a nominal gift for a potential beneficiary under your Will. The Court is concerned with whether adequate provision for the beneficiary has been made for the proper maintenance, education or advancement in life. If you are anticipating an Estate claim following your death, you should engage a specialist succession lawyer and articulate your concerns, so that all necessary steps can be taken in the preparation of your Will and associated estate planning documents, for example, memorandum of wishes, affidavits etc. For further information contact EverMore Partners on (02)9293 2500.