How do I look after the grand kids??

Or other nieces, family, friends, charities…

Today I spoke to Carol* who has 6 grandchildren & to Barry* who has 4 grandchildren & one is to his ‘other ‘ daughter.

As both are ‘around ‘ my age then I, as I do, wondered on how they plan to look after their grandchildren later.

As, & I can only guess ,they are both in very good financial position & so would have complicated estate planning strategies such as separate testamentary family trusts.

However, as in maths,  is there an easier way?

Allison presented her  very simple alternative solution to  Robyn & myself on Friday.

Allison mentioned that she had just received a  $6m cheque from a widow to leave to her 2 sons later.

But ‘that amount is unusual’  says Allison.

When you & I own personal assets then every asset goes through the will.

Our other investments such as super do not go through the will as they are owned by a trustee or a company or joint or other.

Allison’s solution

• does not go through the will.
• It goes directly to a nominated beneficiary & no one needs to know which eliminates the disputes that often goes with estates. 
• I want everyone to be happy.
• It doesn’t even need a Taxx File Number which maybe a privacy concern.
• It doesn’t need a will, which as 50% die intestate, is also relevant.
• I am in control of it & can access it until I pass on.
• The benefits are taxx free unless & I access it ‘early’ .
• There is no limit on what I can contribute & the is no CGT.
• It reduces legal costs.
• It also has a very good case for business protection.

I wanted to hear Allison again to remind us why I have 2 of them.

It made sense as I like the K.I.S.S. Keep it Simple Solution.

K.I.S.S.

Yes Sir.