In some cases, a deceased estate or beneficiary can access full exemption on sale of an inherited dwelling if it is sold within 2 years.
It probably wouldn’t come as a surprise if a child of an elderly parent saw an opportunity to undermine the parental will via the building of a granny flat.
It’s no surprise that little or no thought is given to the business failing and if it is considered then it is generally about the business not succeeding.
Life does not always go to plan. While we logically know that, most of us don’t plan for the worst – it’s all a bit morbid and time consuming.
Relying on a superannuation payout to help pay for a funeral should be considered the proverbial last resort.
You normally can’t use your super until you reach your preservation age but there may be a way to have your super released early if you meet an eligibility requirement.
The price of a funeral will largely depend on what you decide to include in the ceremony. The devil is in the detail. It’s like the idea of: “Do you want fries with your order?”
Your own funeral can be hard to think about, but after a lifetime of working hard for your money and having it work hard for you, now is not the time to drop the ball when some intelligent research and thoughtful planning could ensure value for money with that final big spend.
Granted – it’s not all about the money. But for many people, cutting costs on a funeral is important for their own lifestyle and welfare.
There are other administrative tasks that you may consider attending to at the same time, such as applying for a tax file number (TFN) for the kids.
With one in three first marriages and one in two second marriages ending in divorce, perhaps the biggest risk to your estate is not a GFC, it is poor estate planning.
It is often forgotten that a financial education is vital for children to be certain that they will cope and succeed in their future years.