This example is relevant to the importance of Wills as well as asset protection during your life.

  • As part of their estate planning, Mum and Dad transferred one half of their farm to their son, personally by way of gift.
  • A year later the son married his fiancée. Tragically, the following year their son was killed in a tractor accident. Their son did not have a Will and all his estate (including half of the farm) went to his wife.
  • A year later their daughter-in-law was tragically killed in a car accident. There were no grandchildren and because she did not have a Will, her half share in the farm passed to her parents.
  • As a result, a substantial cash payment between Mum and Dad and their son’s in-laws was required for Mum and Dad to regain ownership of the farm they fully owned four years before. A triple tragedy.

The recent “Triple Tragedy” case as outlined above, demonstrates the importance of Capital Protection. With this in mind, we have the taxation and technical expertise to structure your assets both tax effectively and for capital protection. We also offer a full range of services for estate and financial planning which allows us to develop a “big picture” plan to protect you and your assets.

If you would like to discuss your situation, please call the office on 03 8393 1000 to make an appointment.

Pat Mannix, Partner, Paris Financial

Follow me on Twitter @mannix_pat

Image courtesy of bluebay at FreeDigitalPhotos.net