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Life is busier than ever before and with so many things to get done, it can be easy to put off finding a good financial planner.
However, the ‘maybe later’ approach will eventually catch up with you and have a significant impact on your future.
In this blog, we explain seven ways a financial planner can put you on the path to the life you want and the legacy you deserve.
Many of us have set out with the best intentions to create a household budget in the hope of finally getting ahead.
In theory, it all sounds quite easy – spend less than you earn and use the rest for savings and investments.
However, there are always unforeseen life events that get in the way. For example, an unexpectedly large electricity bill, a trip to the vet for your pet, or that must-have expensive Christmas gift for a member of your family.
A financial planner can offer expert tips to better ensure you’re prepared for these surprises and can teach you to grow your overall wealth.
When working hard and pouring your money into investments, the last thing you want is to lose a big chunk of it in tax, especially when you don’t have to!
Working with your accountant, a financial planner will ensure your financial assets are structured in the most appropriate way to minimise your tax liability. This factors in things like superannuation, family and discretionary trusts, private and public companies as well as individual and joint business names.
A financial planner can also provide advice around negative gearing and salary sacrificing.
Australians are among the most indebted people in the world and many don’t know how to break free.
A financial planner can help you build a strategy for managing your debt, whether it be in any of the following forms:
A financial planner can also help educate you on the difference between ‘good’ and ‘bad’ debt and explain why ‘good’ debt can actually help you in the long run.
The thought of retirement often induces a lot of fear.
You’re already working so hard to keep on top of your financial obligations today, how could you continue to provide for your family and enjoy your lifestyle without a working wage to rely on?
With expert help from a financial planner, you can put a plan in place that will position you for independence and retirement, whilst securing your family’s future.
Retirement might feel a while away, but the sooner you start preparing the better off you’ll be.
A financial planner can help to define ‘life after work’, and build a plan to get there.
When you think about the legacy you want to leave, what does it look like?
A financial planner can give advice on how to make sure you can continue to protect and provide for your loved ones, even when you’re gone.
Relationship dynamics and tax implications can make this process complex, but with the right advice you can reach an outcome that satisfies you and your family.
While many people have typically been casual about the estate planning conversation, or avoided it entirely, it has never been more important to get your house in order.
For most people, financial concepts and strategies can be difficult to grasp.
A financial planner has the ability to teach you – and importantly, your children – the basics, thereby setting your entire family up for a strong financial future.
In the event you pass away, your children (or other close family members) will likely need to arrange the transfer of your wealth and understand the impact on each of them personally.
Your financial planner can facilitate this process.
Financial planners are often well connected with other professionals who can help you secure your future, such as accountants, solicitors and mortgage brokers.
The team at Heard Financial is experienced at bringing all of those specialists together to help you develop a strong plan, which factors in everything mentioned in this article.
For a no obligation discussion about your financial planning needs, contact us today.
This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information.
Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.
No one likes unpleasant surprises. Talking about your Will with your family can be stressful, but it can also help to avoid a worse situation when you are gone.
Contemplating one’s own death can be hard and in many families, talking about money or inheritances is taboo. Some parents worry that letting their children know how much they stand to inherit may cause a sense of entitlement or encourage them to become less productive. Others fear the chat could stir up jealousies, insecurities and feuds among family members.
But no matter how stressful that conversation is, not talking about what’s in your Will could cause confusion, bitterness, far bigger family feuds and even legal battles after you’re gone.
Having a transparent and open talk about its contents could help your family understand the reasons behind your decisions and ensure their expectations are realistic. It can also reduce their anxiety. After all, it’s often the unknown that stresses us the most.
The talk may also allow you to express any special wishes you have that are not specifically included in your Will. And, you may gain better insight into what different family members value and want. A conversation about your finances and wishes will help to clarify who to contact, and how to pay for basic expenses, as well as your funeral, when you pass.
One of the most contentious aspects of settling an estate can be the distribution of personal property like family jewellery, art or special collections, whether worth a lot or just of sentimental value.
Here are five ways to reduce the stress of these conversations:
Think very carefully about what you plan to do with your assets and why. Do your research and speak to your lawyer about what’s possible and what’s not. Identify areas that could be touchy subjects.
For example, do you have a child you plan to leave more to than others? This could be because that child has a disability requires additional financial assistance or because that child is a single mother on a low income, whereas her sister is a lawyer married into a wealthy family.
Are you planning to make certain arrangements to protect your heirs? Perhaps one has a drug problem or can’t manage his or her financial affairs very well. Or, another is in a rocky marriage and you don’t want your hard-earned money being split with that child’s spouse.
It’s important to plan how you will broach these topics in your discussion with your family, if at all.
Giving good reasons for these decisions and getting buy-in now from everyone could avert problems later on, if they only hear about your plans when you are gone.
Decide whether you want to talk to each child separately, rather than addressing everyone as a group. If you choose the group route, will it be one discussion or a series of discussions?
Consider who should be involved in these meetings. In addition to your adult children, should you include adult or teenage grandchildren? Should spouses also be invited?
Proper planning can go a long way to keeping peace. Before the talk, determine the goals and objectives you want to achieve from the discussion. Draw up a meeting agenda and some talking points.
Chose a neutral venue for the chat, one that will make everyone feel comfortable and secure.
Consider having your solicitor, accountant or a trusted family elder or friend at the meeting – someone who could step in if things get heated and steer the discussion back on track.
Carefully explain why you have made the choices you have, especially if you are leaving more to one child than another or if you want sentimental items to go to specific people. Simple explanations can go a long way towards avoiding bad feelings.
Explain the principles, history and values behind your decisions. Let family members ask questions and provide feedback on your plans.
Listen and be open. Give everyone a chance to express their views. This will encourage a healthy dialogue and a common understanding of what different family members want.
Speak in a calming tone. Don’t shut down or lash out if things aren’t going the way you want.
Remember that talking about your passing can be a very emotional conversation for your children.
Try to stay focused on the topic at hand and not let other family issues get in the way. Remind everyone that relationships matter more than money and things.
No matter what is said, you have the power to choose how you would like your assets distributed. If a family member doesn’t agree with you, let them know they have been heard, but don’t feel pressured to change your plan.
After the discussion, draft a simple summary of your estate plans and distribute it to your heirs for final input. This draft could also include information such as where your important financial documents are located and what you’d like for your funeral.
It’s important to ensure that everyone has understood what was discussed and is one the same page.
Still think that a conversation with your loved ones about your Will is too uncomfortable and troublesome? Start by writing a letter to share your thoughts, reasons and wishes. Maybe you could even film yourself reading out. And remember while the conversation might be based around money, it’s really about values.
