Retirement
‘Vulnerable’ Baby Boomers warned about prudent, timely estate planning
Retirement
‘Vulnerable’ Baby Boomers warned about prudent, timely estate planning
Australia is soon to experience the biggest intergenerational transfer of wealth in history, but many people are unprepared, according to one wealth mutual.
‘Vulnerable’ Baby Boomers warned about prudent, timely estate planning
Australia is soon to experience the biggest intergenerational transfer of wealth in history, but many people are unprepared, according to one wealth mutual.
Australian Unity says it is estimated around $2.4 trillion is to be transferred from Baby Boomers to the next generation, making it the most money passing between generations than ever before.
Executive general manager of life and super, Adnan Glinac, said the sheer amount of wealth to be transferred is a reminder for Australians to ensure they have sufficient control over their estate distribution planning.
“While nearly 60 per cent of Australians have a will, many still remain vulnerable,” he said.
“Research suggests nearly three-quarters of contested wills are successfully changed.”
Mr Glinac said that safeguards being in place to ensure that money goes where it’s intended is a big part of estate planning.
“This means careful financial structuring to protect the transfer of wealth from one generation to the next.”
Mr Glinac said there are structures Baby Boomers should consider to ensure “hard-earned” money is passed onto future generations effectively.
“We often find that blended families, parents with children who have special needs, or those with philanthropic wishes, want their wealth distributed in a very specific and predetermined manner.
“Often traditional will structures lack the flexibility to meet these needs.”
Mr Glinac also said that investment bonds can help Baby Boomers to protect assets.
He added that they sit outside of a deceased person’s will.
“They are not subject to the usual delays associated with probate, and are very difficult, if not impossible, to successfully challenge.
“Another benefit of investment bonds is that nominated beneficiaries will receive the proceeds tax free at any time upon the owner’s death, irrespective of how long the investment has been in place.”
RELATED ARTICLES
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
Retirement Planning
Empowering your future: Financial literacy and retirement planning in Australia
In today’s complex financial landscape, achieving a secure and comfortable retirement requires more than just saving money. It demands a deep understanding of financial concepts and the ability to ...Read more
Retirement Planning
How much do you need to retire comfortably in Australia?
Retiring comfortably in Australia is a goal shared by many, but achieving this requires careful financial planning and a clear understanding of the cost of living. Read more
Retirement Planning
Retirement planning advice for Australians: Avoiding common pitfalls
Retirement planning is a critical step in securing your financial future, but it's fraught with potential pitfalls that can derail even the best-laid plans. Read more
Retirement Planning
Mastering financial planning for retirement in Australia
Financial planning for retirement is a nuanced journey that requires careful consideration and strategic planning, particularly in Australia's unique financial landscape. Read more
Retirement Planning
Crafting your retirement planning spreadsheet in Australia
Retirement planning is a crucial aspect of financial management, especially in Australia where the landscape of superannuation and investments offers unique opportunities and challenges. Read more
Retirement Planning
Maximising your pension plan in Australia: Strategies for a comfortable retirement
In the ever-evolving landscape of retirement planning in Australia, securing a comfortable retirement through your pension plan has become increasingly important. Read more
Retirement Planning
Supporting our veterans: A guide to financial resources and benefits
Military veterans have made invaluable contributions to their country, and in recognition of their service, there are numerous financial resources and benefits available to support them in civilian ...Read more
Retirement Planning
The ultimate retirement planning checklist for Australians
Retirement planning is a multifaceted process that demands careful attention to financial, legal, and personal considerations. Read more
