Wealth Generation Case Study
Client situation:
| Situation | Bob | Jane |
|---|---|---|
| Age |
43
|
38
|
| Salary |
$120,000 p.a.
|
$30,000 p.a.
|
| House |
$800,000 with $420,000 mortgage
|
|
| Shares |
$15,000
|
$0
|
| Super |
$140,000
|
$80,000
|
| Health |
Good health
|
|
| Children | Chloe age 7, Isabel 3 and Oliver age 10 | |
| Insurance |
Adequate general & personal insurance
|
|
Our Advice
- Ascertain current saving capacity.
- Devise a wealth creation strategy, including possible gearing and debt recycling strategies.
- Consider the need for asset protection.
- Superannuation salary sacrificing and other possible salary packaging.
- Consider government schemes such as the superannuation government co-contribution scheme.
- Estate planning including superannuation assets which do not form part of a person’s estate, Enduring Powers of Attorneys, medical directives, etc.
- Tax minimisation, including the possible establishment of a family trust.
- Review personal insurance to ensure it is adequate and structured to ensure maximum tax deductibility of premiums.
