Could you use a Testamentary Trust to reduce tax for your kids? Many people don't think about it!

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 12 July 2024. This week’s show looks at an important estate planning issue, and one that’s very important for those with people who have minors or those under 18 in their lives. This week Luke explores Testamentary Trusts, what they are, and why you might consider them as part of your own financial planning strategy when it comes to planning your estate. Thank you for joining us live on 2CC or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:
What is a Testamentary Trust?
The Will must allow for the use of this vehicle, so it must be written into a Will.
What are the benefits of a testamentary trust from a tax perspective?
What about the benefit of asset protection?
What about superannuation, your Will and a testamentary trust? Can you direct your super to your Will?
Don’t forget about the complexities of blended families or minors who might not make great decisions.
What are the differences between family trusts and testamentary trusts?
Luke shares his top tips around testamentary trusts. Seek advice if you need help.

Are your estate plans in order for your kids or grandkids?

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation. Luke can also refer you to a family lawyer who can work with you to meet your estate planning needs. He can also discuss with you how your superannuation estate planning works.

We look forward to your company again and Luke’s book Smart Money Strategy is out now. For more information visit: https://thestrategystacker.com.au/

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