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Estate Planning
It is never too early to start your estate planning
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It is never too early to start your estate planning
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Estate planning is a complex area with a broader focus than preparing a will. For high net-worth private groups, tax considerations are often prevalent. Getting the right advice well in advance of major life events is critical. Complexity often arises when people realise their will only deals with passing on assets they own in their own names. Having a clear and effective estate plan can provide great comfort for your family and avoid unnecessary disputes or confusion. Careful planning can mean many years of tax-effective financial support for your beneficiaries.
We have extensive experience in advising private clients on their estate planning and execution, from ensuring assets are passed to intended beneficiaries in the most tax efficient manner, through to advising complex estates involving intricate tax issues and/or family disputes. In conjunction with your legal advisers, we also assist with the implementation of estate plans involving considerations such as testamentary trusts, superannuation, disabled beneficiaries, asset preservation concerns, complex entity structures and charitable objectives.
Complex estate planning support
Wealth accumulated via family trusts, self-managed super funds and private companies is where additional attention is needed as it is sometimes incorrectly perceived these structures cease to exist upon death and the assets transfer to the estate of the deceased. Modern blended families add further considerations around adequate provisions and attempting to ‘keep the peace’.
Carefully considered decisions need to be made ahead of time to achieve an effective estate plan. Such decisions need to be cognisant of often overlapping (and sometimes conflicting) tax, superannuation, company and trust law.
Our goal is to support these family conversations and work with your legal advisers to make the process as harmonious as possible.
We can help you with
Financial planning is about shaping your future and improving your overall financial well-being. It involves looking at your unique set of circumstances and tailoring strategies that will support you to work towards the lifestyle you have always desired.
One of the issues that many people face, is that they are uncertain about what they desire and how, when or if they can even achieve it! Unfortunately, you can’t get anywhere if you don’t know where you’re going, how to get there or what time you need to be there! This is where financial planning comes in.
A financial planner will help you look ahead to the next 5, 10, 20 years etc. to clearly identify your goals and where you would like to be at each point. With clear destinations now on your map, they can then work with you, educate you and guide you into creating potential pathways towards these destinations.
So many people are aware that they could be doing more with their finances, however, with so many options available in the financial services market, it can seem daunting or too complex to take the first step. A financial planner can not only provide the assistance you need to navigate towards your best options but also ensure you remain compliant with the most up-to-date rules and regulations.
Bear in mind, a financial planner will apply their knowledge, skill and experience to your particular circumstances and recommend strategies that are tailored to your needs.
Additionally, many people have the misconception that financial planning is for those with hundreds of thousands of dollars sitting in the bank, or those with numerous assets, or even the individuals that work in the financial industry themselves and understand how it all works. The reality is, financial planning is for anyone that wants to improve their overall financial well-being and set themselves up for the future.
No. Financial planning is not just about investments, nor does it require thousands of dollars in the bank to start working towards a secure future. A financial planner will begin by assessing your current financial situation, assess your cashflow, and recommend changes or additions that will positively impact your future and provide you with a strong foundation to build on to achieve your financial goals.
However, it is necessary to have an idea of what you are trying to achieve and a clear picture of your current financial position.
Preparing a summary of the following is useful;
You can get started today by preparing a summary of your financial position as outlined above. Then spend some time thinking about what you would like to achieve over the next 5 years, 10 years, by retirement age etc. The greater clarity you have in these key areas, the more value you are likely to get out of financial advice.
Baumgartner Financial Services (BFS) aims to be as transparent as possible when it comes to fees, that’s why any fees are outlined to you beforehand in a quote or engagement letter.
The level of the fee depends on the scope of the advice sought. BFS does not accept commissions and no percentage fees apply. All advisers are paid by way of salary, therefore you can be safe in the knowledge that our financial advice will be free from pressure to recommend any particular products or services.
Our advice will be provided to you in a written format known as a Statement of Advice (SoA) also known as a ‘financial plan’. The financial plan is a written summary of the advice.
You need an idea of what you are trying to achieve, why you are seeking financial advice and a picture of your current financial position. Preparing a summary or providing copies of documentation relating to the following is useful;
That depends on a number of factors that your adviser can help you with as part of the financial planning process. Some initial things to consider include;
How much do I have to invest?
What do I want from my investments?
How long am I prepared to remain invested?
When might I need some or all of the capital?
BFS can recommend a wide range of investments with the exception of:
There is no need to wait until your 40s or 50s to start thinking about retirement, in fact, as a general rule, the earlier you commence planning for retirement the better, as you’ll have more working years in front of you to invest and accumulate wealth. The sooner your strategies are in place, the more likely you will be able to reach your goals.
Retirement planning can involve a number of strategies. However, the overall focus is generally to build sufficient wealth to meet your lifestyle objectives once income from active employment has ceased.
If you are 45 – 50 and you have not turned your focus towards retirement planning as yet, please give us a call today on 03 9851 9000 to get started.
BFS is part of the Baumgartner Group, which has been providing industry leading, tax, compliance, audit, Self Managed Super Fund (SMSF) audit and other services since 1983. With so many years’ experience in the financial services industry, you can rest assured you will be in safe hands.
Moreover, through our professional networks and referral partners, you will have access to additional services such as finance broking, estate planning, aged care and family office support. Our advisers will work in conjunction with other members of the Baumgartner Group to provide you a seamless and comprehensive service.
No. BFS is a privately-owned business that does not distribute any particular financial products or services nor do we accept commissions from product providers. The advice we provide is free from any obligation to recommend particular financial products or services. Providing you with opportunities to improve your financial wellbeing is always our highest priority.
Yes, BFS aims to be as transparent as possible when it comes to fees.
One of the benefits of using us is that we only charge flat dollar fees which we quote upfront. No commissions or percentage based fees apply and our advisers are paid by way of salary. You can rest assured that there will be no hidden costs when using our financial advisory services.
No, our role is to recommend investments that we believe are appropriate for you but ultimately you remain in control of the financial decisions at all times. Our aim is to work with you to identify ways to achieve your goals, so that you will feel both comfortable and confident with your decisions.
This depends on the type of investments involved but will generally range from quarterly to annually.
Baumgartner Financial Services Pty Ltd is a Corporate Authorised Representative of Advice Assist Australia Pty Ltd Australian Financial Service Licence (AFSL) No. 496692
BFS is committed to providing quality financial services in an efficient and honest manner. We take all complaints seriously. If you do have a complaint:
Please contact us directly to discuss the issue and seek a resolution.
If the complaint cannot be resolved by talking to us, please contact Advice Assist Australia Head Office directly, by writing to:
The Complaints Officer
Advice Assist Australia Pty Ltd
29-33 Palmerston Crescent
South Melbourne Vic 3205
Tel: 1300 782 822
If Advice Assist Australia Pty Ltd is not able to resolve your complaint to your satisfaction, you can lodge a complaint with the Financial Ombudsman Service, a dispute resolution service for the financial planning industry.
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Tel: 1800 931 678
Website: www.afca.org.au
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