YOUR FINANCIAL JOURNEY
Transferring Wealth.
Transferring Wealth
Can I help support my non-dependant child who needs financial support?
Do you have an adult child who is struggling financially? How do you ensure you are planning your finances for your family as a whole?
You may want to find out:
- Are you in a position to help without such a move having too much of a negative impact on our own situation?
- If you provide assistance to one of your children, how could this be fairly reflected towards your other children?
- Are there any Centrelink repercussions that may impact us?
- What happens if we gift the money and there is a divorce? Can we protect the gift for our bloodline?
Helping children in the right circumstances can be rewarding for all involved. Talking through gifting with an experienced adviser today can help avoid problems tomorrow. Often, family decisions are loaded with emotion, which is why talking things through with a professional outside the family can be beneficial.
Managing a financially independent child
If you are the sole carer and financial provider for a child, you are likely concerned if you will have enough funds to support them in retirement and the years beyond.
Some concerns you can address with Locumsgroup are:
- I think there will be enough money to support my child for the rest of their life, but I’d like to run some projections to provide me with more certainty.
- My child does not have the capacity to manage their financial affairs, what can I do? What happens if someone takes advantage of my child? How can I protect them? Could a family member help them?
- What happens if someone takes advantage of my child? How can I protect them? Could a family member help them?
- How can my child access the money they needs but at the same time have some protection from using the money unwisely?
- Should I sell my investment property to alleviate any stress of mismanagement?
We can help you formulate a long term solution:
- Confirmation that you are leaving enough money to support your child for the rest of their life.
- There are many Estate Planning options to consider that go well beyond a simple Will.
- Set up a structure that will give your child significant protection from financial predators.
- It’s possible to legally nominate a person or persons to assist your child in managing their financial affairs.
- We can help you understand the tax implications should you decide to sell your investment property.
- It’s possible to legally nominate a person or persons to assist your child in managing their financial affairs.
How do we ensure our wealth is not wasted when we are no longer around?
We have experienced many family dynamics and can help you ensure your estate is managed effectively across all parties. The key to ensuring your children remain on good terms and get the most from their inheritance is to have exceptional Estate Planning arrangements.
If this resonates with your current situation, please arrange a time to meet with Locumsgroup and we can:
- Provide confidence that your children can be treated equally while at the same time putting in specific provisions that are in the best interest of the individual child.
- An understanding that they can protect their children’s inheritance from the threat of bankruptcy.
- Relief that a troubled child can inherit their fair share of the money while being protected.
