Is Estate Planning Important?

Our expert Elizabeth Campbell of Smallwoods Lawyers explains the importance of Estate Planning If someone dies and has not left a Will they are said to have died “Intestate”. This means the estate must be distributed according to the laws of intestacy – this may not be what you want. It is very important you have a valid Will in place – even when you have minimal assets. Elizabeth shares a case study of how things can end up. CASE STUDY: Bob aged 19 years was brought up by his mother, a sole parent. Bob lives at home with his mother and is employed as a carpenter. Bob is working on a building site has an accident and dies. Bob never made a Will and has no wife or children. Under the laws of intestacy his parents receive his property in equal shares. Although his only asset is a small amount in a bank account, his Workers Compensation payout is approximately $480,000 which will be paid to his estate and his father will receive half. This is not what Bob would have wanted. Share...
Aged Care – The Burning Issues

Aged Care – The Burning Issues

Financial Planning Implications for Aged Care & Nursing Homes post retirement Is your head in the sand about what happens in the last phase of life post retirement? One of the realities of an ageing population is the need for many Australians to transition ourselves or a relative into aged care at some point in the future. Deciding to go into aged care, or helping a family member make that decision, is never easy, often brought on by deteriorating health and loss of independence. There are so many things to consider and it can have an impact upon all family members. We passionately believe that if you have the information, have had the difficult conversations and planned early enough it doesn’t have to be as stressful as for those who have to deal with the minefield of complicated decisions when there are by then few choices left. Few of us know what the options are, what we’ll need to think about and the costs involved. If you are unsure about the answers to any of the following burning questions then we need to talk soon. Are you or your parents between 60 – 80 years old? Do you or they expect to transition into an aged care facility in the next 10 years? Have you a financial & living plan for the next part of life beyond retirement? Have you discussed this with your family? How would you manage financially if you suddenly needed to move into aged care? How would you manage the cash flow? Would you have to sell your home or is it better to rent...