At TMS Financials, we’re committed to delivering estate planning services designed to meet the needs of business owners and their families. Our approach helps you make well-informed legal and financial choices to ensure your assets are effectively managed and safeguarded. We collaborate with a network of experienced legal and financial professionals to support you. Our legal partners are ready to help draft critical documents such as wills and powers of attorney, ensuring your wishes are respected, particularly if you are unable to make decisions yourself.
We specialise in creating testamentary trusts, a type of legal document crucial for managing how taxes affect your estate and protecting inheritances for your descendants. Our strategies include moving assets into family trusts and similar legal structures to protect your estate from potential legal claims while maximising tax benefits related to income and Capital Gains Taxes. By naming beneficiaries in your insurance policies and superannuation funds, and providing explicit instructions through binding death benefit nominations, we prepare your estate to handle future tax responsibilities and distribute assets as intended.
Our services are an ongoing process, and we recommend regularly reviewing your estate plan to accommodate changes in your personal circumstances or financial status. This ensures your estate planning remains effective and up to date, safeguarding your financial legacy for your family and future generations.
Why Choose TMS Financials
Personalised Estate Planning
Effectively Manage Your Tax Responsibilities
Consistently Review and Update Your Plan
Set Up Your Estate Plan with TMS Financials
We’re an Australian tax accounting firm with 30+ years of experience serving business owners and investors. Our reputation for reliability and exceptional client service is built on providing accurate financial advice and asset protection. We remain committed to serving our clients with integrity, professionalism, and quality, and have the expertise to help you succeed.
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We strive to build long-term relationships with our clients and to be a trusted advisor for all their financial needs.
Importance of Having an Estate Plan
Estate planning involves much more than simply drafting a will; it’s about making sure your assets are managed and transferred according to your wishes after you pass away. This process is essential in avoiding legal issues and ensuring that your family members are supported when you are no longer around. By consistently reviewing your will with trusted advisors, you can adapt your estate plan to reflect changes in your life and evolving legal requirements.
Legal Considerations for Effective Estate Planning
When setting up your estate plan in Australia, there are several important legal factors to consider to ensure your plan is thorough and meets all legal requirements:
Understanding Legal Requirements and Validity
Your estate plan, which includes documents such as wills and trusts, must follow the legal rules outlined in laws specific to your state, such as the Succession Act or Wills Act. It’s essential to have these documents checked by a legal expert to make sure they’re correct and legally binding. This helps safeguard your assets and ensures they are passed on as you wish.
Tax Implications of Estate Planning
It’s crucial to understand how taxes can affect your estate plan. Taxes such as Capital Gains Tax and income tax may impact the way your assets are transferred to your beneficiaries. Proper estate planning aims to minimise the tax burden in a way that is tax-efficient.
Capacity and Family Law
Make sure you’re fully able to make these important decisions, which means being mentally fit and understanding the consequences of your actions. Consider any medical conditions that might affect your mental clarity when making your will. Also, changes in your personal life, such as a separation or divorce, could influence your estate plan. It might be necessary to adjust your plan to reflect new personal circumstances to ensure it still matches your intentions and adequately provides for your family.
In addition, keeping your estate plan up to date is an ongoing process that should involve regular reviews with professional advice. This ensures your financial and legal decisions, including those regarding your superannuation fund, insurance policies, and personal property, continue to reflect your current circumstances and intentions for your future generations.
Next step is to contact TMS Financials
TMS Financials provides you with a team of experienced professionals that help you achieve your financial goals through smart tax structures and strategic structuring.
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Disclaimer
This outline is for general information only and not as legal, tax or accounting advice. It may not be accurate, complete or current. It is not official and not from a government institution. Always consult a qualified professional for specific advice tailored to your unique circumstances.
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