TAXATION OF DECEASED ESTATES
Whether you are planning for the fact that your estate will have to be dealt with before you pass away or are currently dealing with an estate for someone who has recently passed on, Stones Sharp are on hand to assist you with handling the estate and the taxation associated with it.
We can help you with the process of how you will administer probate and how to minimise the costs of any probate related taxes that might be due. By creating clear instructions for who will be receiving what, how, why and when will avoid much of the problems that accompany disposing of one’s estate.
Many people don’t realise that estate planning can also involve making plans for what will happen should you become disabled before you die. It also covers appointing a guardian and inheritance manager for any child dependents you might have. It can even make provisions for family members who have special needs that will still allow them to get the government benefits they regularly rely on.
In addition to these lesser well-known services you can also arrange for money to be distributed in a certain fashion for someone who you feel cannot manage their finances well, might have to split assets in a divorce or are in debt.
WHAT HAPPENS WITHOUT AN ESTATE PLAN?
Failure to have an estate plan will leave it up to the Australian government to distribute your assets. This will mean that your assets will be divided equally to your immediate family, with the government controlling these assets on behalf of your dependents until they come of age, or even of your own assets should you become disabled. Involving the government will inevitably prolong the process, fees and tax involved. Probate is also a concern as it opens your affairs to the public and can incur legal and executive fees. Jointly owned assets aren’t necessarily immune to probate either.
Make sure your estate is distributed as per your wishes – with no confusion or dilution by tax and fees. Contact Stones Sharp today to discuss your options.