E.g. 1. Egos matter in a trillion-dollar transition
Managing egos will be the key to managing the transition of trillions of dollars between generations over the next two decades. (Australian 31/12/19)
E.g. 2. Seven heirs dispute Tip Top riches
Seven children are in a court battle over their parents’ multi-million-dollar fortune. (Australian 31/12/19)
E.g. 3. Costa family feeding frenzy
With the Costas gripped by sibling conflict, will the super-wealthy fruit and veg family chip in for their full entitlement. (Australian 30/10/19)
E.g. 4. Just two months after his death, a nasty legal battle is brewing between former prime minister Bob Hawke's widow, Blanche d'Alpuget, and his youngest daughter after it was revealed Rosslyn Dillon has engaged lawyers to challenge her late father's will. ..
. In the days that followed ... (NOW to love, 22/07/19)
and yes we could go on.
and we read ‘The hole in your estate from legal fees and years of wrangling can cause even greater financial pain to your intended heirs
.’ (Stuff, 14/09/2019)
I have a barrister client who only deals in such matters.
‘We were the lucky generation’ was a comment we heard from two ‘elderly' ladies recently.
They would not be wanting to buy a house now.
The general comment was that their children were now all comfortable & the table was more concerned with the grandchildren.
How do you look after your grandchildren?
What if you have had two marriages with those complications?
The usual answer is through the will but it is a known fact that 40%+ die intestate.
I.e without a will.
There is also the testamentary trust favoured by legal eagles but that has side affects.
Maybe you gift to your grandchildren but the government limits that to 30,000 over 5 years.
But there is a simpler solution where you own it & hence control it & you can name a beneficiary.
You can redeem the funds anytime.
It bypasses the will & goes straight to the named beneficiary who could be your grandchildren or in fact a charity or a church as we had recently.
No hold ups by the solicitor & it can be any amount & is taxx paid.
And there are more pluses for it.
It is very suitable for high income earners also as it may have a significant taxx advantage.
Very simply I have had a version of it for 34 years & a contemporary of mine recently admitted to having a $2m one with one company.
Yes it may be the easiest & best way to care for your grandchildren.
It will make sense to you & it is an easier solution than the usual & often unsatisfactory.
As we are reminded celebrating 50 years since the moon landing Earthrise was a different perspective but what a moment.PM
or call John McAuliffe
to discuss its suitability for you.