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Tax Effective Estate Planning & Administration
Do you have a Will and is it optimised for tax minimisation?
How are your estate plans dealing with trusts, companies and superannuation and when were they last updated to reflect best practice?
Have you been appointed as an Executor of a deceased estate and don’t know what to do?
Imagine having a clear, reliable plan that not only reduces tax burdens but also eases the administration of estates—that’s what we help with.
The Problem
Many business owners and families face complex challenges when it comes to estate planning.
- Uncertainty & Complexity: Navigating tax laws, probate procedures and legal requirements can be incredibly confusing.
- Tax Inefficiency: Without careful planning, families might face excessive tax liabilities on their estates.
- Probate Delays: Executors can struggle with lengthy probate applications and tax return complications, adding unnecessary stress during an already difficult time.
- Lack of Personalisation: A one‑size‑fits‑all approach rarely works; every client’s circumstances are unique.
Our Solution
At Munro’s, our accountants and advisors know that every person deserves a strategy as unique as the family it protects. Our specialist based in Perth can provide a comprehensive, tax‑effective estate plan and administration service that includes:
- Tailored Will Drafting: We assess your personal and business circumstances to help your lawyer craft a Will that’s not only legally sound but also tax‑efficient.
- Testamentary Trusts: We can incorporate testamentary trusts into your Will to protect your assets and provide ongoing benefits to your beneficiaries.
- Probate & Tax Return Assistance: We help Executors navigate probate applications and complete the necessary tax returns with precision and clarity.
- Collaborative Approach: Working alongside highly skilled lawyers ensures that modern practices are implemented and that your estate plan is reviewed periodically for ongoing optimisation.
Key Benefits & Outcomes
- Clarity & Confidence
- Tax Efficiency
- Reduced Stress for Executors
- Future‑Proof Planning
Read Key Points & Transcript
Tax Effective Estate Planning Advice from Perth-based Business Accountants
video key points
- Estate planning is essential for all adults, not just the elderly, to ensure financial affairs are prepared for the inevitable and loved ones are protected.
- Having a Will is crucial as it dictates the distribution of assets according to your wishes, avoiding State law’s default decisions.
- Considerations for an estate plan include selecting an Executor, determining asset distribution, and addressing implications of joint property ownership, superannuation, family trusts, and potential beneficiaries’ issues.
- Additional elements involve planning for the age of inheritance, deciding on testamentary trusts, addressing loans and gifts, planning charitable donations, and understanding tax implications for various investments.
- A comprehensive estate plan is vital, especially for complex circumstances.
- If you need help with estate planning, please reach out to us. We’re here to help ensure your financial legacy is secure and your loved ones are taken care of in a tax effective manner.
Presented by: Mike Beer
video transcript
Munro’s helps people with 12 distinct stages of life, which not only includes accounting for businesses and tax returns, but also estate planning and estate administration.
Estate planning is the process of planning for death with regards to financial affairs. It isn’t something that should only be acted upon in later years of life, but rather something all adults should be on top of. It’s about preparing your financial affairs for the inevitable, ensuring your wishes are respected, and your loved ones are protected.
One of the first steps is understanding the importance of having a Will. Without one, State law decides who inherits your wealth, which might not align with your wishes. With a Will and appropriate estate planning, you can ensure your assets go to the people you choose, together with achieving tax optimisation.
- Depending on your circumstances, there may be much to consider for your estate plan. Such as:
- Choosing an Executor – the person or people responsible for your deceased estate.
- Who do you want to get your assets? Do you give specific assets to specific beneficiaries?
- What happens if a beneficiary dies before you, who gets it then?
- What are the implications of owning property in joint tenancy as opposed to tenants in common?
- How is your superannuation distributed following your death? Superannuation may skip the deceased estate and not be subject to your Will if appropriate death benefit nominations are not active.
- How do you deal with who gets family trusts, companies and other entities if you have them? Control of these entities may or may not be effected through a Will.
- Do you need to consider bloodline clauses and a family constitution to protect your heirs?
- Have you protected beneficiaries in case of bankruptcy, divorce, legal dispute, drug addiction or mental illness?
- Deciding the age at which children inherit.
- Is it appropriate to include a testamentary trust? If so, one trust for each beneficiary or just one trust for all? Is there flexibility for some to opt in and others to opt out?
- Addressing loans and gifts made during your lifetime.
- Planning charitable donations for tax efficiency.
- Understanding tax implications for shares, real estate and other investments. Will your home continue to be tax free? Will the Executor be able to access the necessary records to appropriately lodge tax returns? Are there foreign investments & foreign taxes to consider?
- If you have exotic investments such as cryptocurrencies, gold and collectables, will your Executor be able to access them?
- Have you arranged EPAs, EPGs and Advanced Health Directives?
- And, should you already be implementing proactive tax mitigation strategies?
The more complex your circumstances, the more vital it is to have a well-thought-out estate plan.
At Munro’s, we provide professional assistance to clients when it comes to tax-effective estate plans tailored to their needs.
If you need help with estate planning, please reach out to us. We’re here to help ensure your financial legacy is secure and your loved ones are taken care of.
Frequently Asked Questions for Estate Planning
- What is estate planning and why is it important?
Estate planning involves arranging your assets and Wills in a way that legally and tax‑effectively transfers your wealth to your loved ones. It ensures that your wishes are followed, minimises tax liabilities and provides clarity for Executors. - How can a tax‑effective estate plan benefit my family?
By reducing the tax burden, a tax‑effective estate plan maximises the assets that pass on to your beneficiaries. This means more of your hard‑earned wealth is preserved for your family, supporting their future without unnecessary tax penalties. - What role do testamentary trusts play in estate planning?
Testamentary trusts can be included in your Will to protect your assets, provide ongoing support for your beneficiaries and ensure that your estate is distributed according to your wishes while minimising long-term tax implications, especially for minor children. - How do you help with probate applications and tax return completion?
Our experienced tax accountants assist Executors by streamlining the probate process and ensuring that all tax returns related to the estate are accurately completed and lodged. This reduces delays and stress during an already challenging time. - What do people say about Munro’s service?
Munro’s is known for our problem‑solving and responsive approach. With over 100 five‑star Google reviews, you can be confident that we deliver a high-quality service. - Are your estate planning services available Australia‑wide?
While Munro’s is based in Perth, our estate planning and accounting services are effective for clients throughout WA and Australia-wide. - How do I get started with Munro’s services?
Simply book a free Get To Know Each Other meeting with our team. During this session, we’ll discuss your needs, outline our tailored approach and following the meeting if we want to work together we will put together an engagement agreement to satisfy your needs. - What if I need more help from a business accountant?
Our Perth-based business accountants are here to help you with every stage of business.
Where To Begin
Advanced Tax & Asset Protection Strategies Report
$4,000 (excl. GST)
Tax Minimisation Strategies ReportRequest A Quote For Ongoing Accounting Services
From $3,000 per annum (excl. GST)
Business Tax Return
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Top 2% ranked Australian Accounting Firm
Claims of being a ‘Top 2% ranked Australian Accounting Firm‘ (and similar claims) are based on two separate assessments conducted by Munro’s on 9-10 August 2023 and 1 December 2023. The ranking is derived from a comparison of the total of each accounting firm’s overall star rating multiplied by each firm’s quantity of reviews as shown on Google Maps. A total of 4,235 Australian accounting firms listed on Google Maps were identified for the earlier assessment, and a total of 4,301 for the latter assessment, which may not represent a complete list of Australian accounting firms. Munro’s claims are based on Munro’s best estimation and represent a snapshot collected at the time of each assessment. If the assessment was to be conducted today, then it is likely that Munro’s ranking would have changed – Munro’s may or may not be in the Top 2% today. Also, the methodology does not account for other potentially relevant factors such as quality of service, expertise, or client satisfaction beyond Google Maps reviews.
Read Key Points & Transcript
video key points
- Top 2% ranked Australian Accounting Firm is based on two separate Munro’s assessments of Google reviews for Australian based accounting firms on 9-10 August 2023 and 1 December 2023.
- Both assessments found Munro’s to be in the Top 2% (position 66 out of 4,235 and position 44 out of 4,301 for the assessments, respectively) when a ranking was derived from a comparison of the total of each accounting firm’s overall star rating multiplied by each firm’s quantity of reviews as shown on Google Maps.
- If the assessment was to be conducted today, then it is likely that Munro’s ranking would have changed – Munro’s may or may not be in the Top 2% today.
Presented by: Drew Pflaum
video transcript
In December 2023, we conducted a review of Australian accounting firms on Google Maps, based on star rating and quantity of reviews.
Out of the 4,301 Australian accounting firms we identified on Google, Munro’s ranked number 44, placing us in the Top 2% of Australian Accounting Firms. We’re thrilled to share this fact with you and share those reviews on our website. We’d also like to thank all our clients who left us those wonderful reviews.
Thank you.
David and I have been loyal clients of Munros for many years—I think since we were married in 1962. David made all the decisions in those early years. I became a more active partner as we worked with Ted Wilhelm and Ian Arblaster until their retirement. We then worked with Christine Prasetia for our financial, accounting, taxation and our wills until David’s death in May, 2017. Christine has patiently guided me through taking up the reins of our business venture. She is very efficient and totally reliable in all our dealings. I feel fortunate to have Christine as my accountant and business advisor. Thanking you, Val McAlpine
Congratulation on achieving 50 years in business! We made the move to Munro’s in 2015 and have since received sound professional advice & services for all accounting, taxation, business development and succession planning needs, to us personally, to our family and to our group of companies. We have found your services to be efficient, effective and of the highest caliber. Many thanks from the Hill Group.
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308 Fitzgerald Street
Perth WA 6000