Chapter 24

Looking After Your Family

In This Chapter

arrow Protecting yourself and your family with insurance, a will and a binding nomination

arrow Understanding what can happen to your super after you die

arrow Appreciating the significance of dependants

arrow Getting a free pass from the taxman, or a tax bill for your adult children

arrow 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 ...

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