Securing your Retirement with Hill Legal Committed to Lifestyle According to the Australian Prudential Regulation Authority APRA 99 of all super funds in Australia are Self Managed Super funds SMSF and presently SMSFs comprise 32 of all assets in a 1.28 Trillion market.
At present approx 2,500 new funds are being set up each month with 200 Million per day going into SMSFs and this trend is expected to continue.
It is no surprise from these trends that many people are looking to take control of their affairs to achieve a comfortable retirement living, but according to Chris Hill, an accredited SMSF specialist and estate planning lawyer at Hill legal Mornington, the majority of those who have their own self managed super fund know little of their legal responsibilities, nor the enormous opportunities that can be unlocked by understanding the rules.
Strategic planning is important says Chris, especially with succession planning.
The concept of the family Super fund is emerging, with the ability to add children at birth as a member of the fund and to protect and secure their futures .
It often makes sense for a cohesive family unit to pool their resources and buy Key long term assets, with a plan to keep those assets in the fund, and protected for the next generation .
Superannuation rules keep changing but every now and then windows of opportunity exist .
Chris believes that a SMSF s ability to borrow money to buy and hold property in a low tax environment and potentially tax free is a window that is likely to close in the next few years because of the significant tax savings.
Knowing how to work within the rules is the key to being smart and savy with superannuation money says Chris.
Equally, many people are not aware of how to protect their SMSF benefits in the event of death and disability.
There have been some spectacular cases recently where significant money within a SMSF has fallen unwittingly into the wrong hands because clients were either ill advised or did not follow or understand the governing rules of their fund.
For example, many people mistaking believe that their Will controls all they own, but that is not the case with super fund benefits says Chris.
It is the rules of the fund that control who gets your super on death .
We are now using SMSF wills in conjunction with the Estate Will to control specific assets in the fund, particularly for blended families where there is the desire to protect the second spouse, but to also provide for children of an earlier relationship .
Hill Legal in conjunction with their sister office Life Solutions, Financial advisers are holding an important seminar on these and other current issues affecting those who have their own SMSF or are thinking of setting one up.
The seminar will be held at The Rocks in Mornington on the 6th April next.
We are passionate about educating and protecting our clients, says Chris.
It is personally very rewarding helping people achieve their goals and seeing their eyes light up when they discover what they can do with their super fund.
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