How much personal insurance do I need?
It depends on your lifestyle and financial position. It is recommended that you meet with a Financial Advisor to ensure you receive the appropriate level of cover. Please contact us.
Should I have life insurance?
Many people view life insurance as a means to pay for one’s death expenses including burial or cremation as well as leaving funds for the family left behind. Life insurance is much more than this. It is an asset that can be used in life as well. Many life insurance options come with total and permanent disability coverage, income protection and trauma coverage to be used when necessary. Life insurance can be just that; insurance for life.
Should I have income protection?
One additional concern of many today is longevity. Being able to have a guaranteed income through your retirement and for the rest of your life and optionally the rest of your spouse’s life is possible with lifetime options. This plan is paid into and will offer a guaranteed payment from an agreed value for life. This is usually determined by estimated need in conjunction with other retirement incomes such as social security. In the case that the insured does not live to retirement age the benefits can go to the spouse.
Most importantly is finding the right coverage for your circumstances as well as the right company to work with. Finding a company that is staffed with financial experts is important in investing money for your life and your future. These decisions are important and deserve the expertise of a professional planner to assist you in making the right choices.
Do I really need a trust distribution resolution?
The resolution is a requirement by the ATO that states exactly how any trust profits will be distributed. Without this resolution in place prior to 30 June, the ATO can deem all income is to be kept in the trust and taxed at a rate of 47%. Even in a situation where you believe the trust will not have any profits to distribute, it is best to discuss the trust distribution requirement with your accountant.
Do you do estate planning?
No-one wants to think about death in the prime of life. But it's important to decide what will happen to your assets when you die. You need to have a plan. An estate plan includes your will as well as any other directions on how you want your assets distributed after your death. Find out how you can give instructions to your family about your legal and medical preferences should you fall ill or lose the capacity to make those decisions yourself. It includes documents that govern how you will be cared for, medically and financially, if you become unable to make your own decisions in the future.
With "blended families" becoming more prevalent, estate planning is critical to ensure that your wishes are carried out.
Do you do Wills?
A will takes effect when you die. It can cover things like how your assets will be shared, who will look after your children if they are still young, what trusts you want established, how much money you'd like donated to charities and even instructions about your funeral. We don't provide this service at McMahon Osborne Group however we can recommend a solicitor who specializes in this area.