Looking After Your Family
In This Chapter
Protecting yourself and your family with insurance, a will and a binding nomination
Understanding what can happen to your super after you die
Appreciating the significance of dependants
Getting a free pass from the taxman, or a tax bill for your adult children
Planning for your SMSF’s future after you’re gone
‘H ope for the best but plan for the worst’ is a saying that my great-aunt Noreen often used. Noreen left this world at the grand old age of 87, but she outlived her five siblings, who had mixed fortunes in the ‘long life’ stakes. Planning for unpleasant contingencies can be confronting, but applying my great-aunt’s practical advice allows anyone to safely ask the ‘What if’ questions about their superannuation (or anything else) without feeling ghoulish or morose. Questions such as ‘What if I get sick or die?’ or ‘What if my spouse dies?’ extend beyond superannuation but, on the financial side of life, super can often be ...