- Help with life insurance claims
- Professional advice on helping you to earn the best rates of return on the assets of the deceased
- Helping you make the right decision on taking your Superannuation as a lump sum or as a pension.
- Help to determine the split of superannuation payouts when a Will has an equalization clause
- Assessing for you whether an anti-detriment payment applies to superannuation benefits taken as a lump sum.
- Determine the future service benefit deduction when the deceased has a self managed superannuation find (SMSF)
The benefits an accountant can provide you in managing the estate of the deceased include but are not limited to:
- Assistance in applying for a tax file number for the deceased estate
- Statements of financial records for the deceased estate
- Redoing the capital gains records if needed
- Tax returns for the deceased estate.
- File tax returns for the deceased until the date of death.
- Provide assistance in abiding by the tax and accounting requirements of superannuation or testamentary proceeds set forth in the Will
- Administer taxation advice on the allocation of the assets of the deceased.
- Trust Administration
Our financial advisors can provide you with trust administration. You may be wondering why you need a trust! A trust will help protect potentially vulnerable beneficiaries, or support a loved one such as a surviving partner or a disabled relative for the rest of their life. Our financial advisors can help you establish a trust to set aside funds for a valuable purpose like your children’s university educate you on how a trust works. The value of a trust is in minimizing the income tax liability on your beneficiaries by providing them a vehicle for splitting an income stream.
You may be thinking of donating to a worthwhile cause. A financial advisor at iMoney Wealth Management can help you to establish a trust to support a specific charity. No matter whether you want to donate a lump sum or through regular donations over a number of years our financial planners can help you to establish a charitable trust as part of your Will or through private ancillary fund (PAF) donations. A Charitable trust gives money to an organization or organizations of your choice after your death whereas a private ancillary fund starts to allocate the income earned on the principle of your investment to charities or causes of your choice on an ongoing basis.
The aim of a Private Ancillary Fund is to foster philanthropy in Australia. The biggest advantage of a PAF is that it is exempt from income tax, supports your cause or legacy in perpetuity and also provide you with full tax deductibility when making donations. iMoney Wealth Management can help you manage every stage of your PAF.