Which Professional to Speak to for Advice?

• 

  avoidfullprice on 11/12/2020 - 15:27

  +2

  Talk to Accountant with their children. Then off to paralegal to draw up will.

  The management of proceeds - I hesitate to say financial planner.

• 

  boomramada on 11/12/2020 - 15:33

  Set up wills

  lawyer

  rest financial advisor, if required accountant

• 

  dtc on 11/12/2020 - 15:49

  +1

  a lot of accountants have a financial planner on staff, so they will cover everything. Maybe not the will but they will have someone they recommend. Alternatively, a superannuation expert will also be a financial planner and will be able to link to an accountant. In any case, have them ask their friends for a recommendation, see that person and that person can recommend further as needed

  Keep in mind

  • capital gains tax on the holiday house sale
  • family trust? Why? Kids can set one up themselves if they need. Trusts are not some magical creation, you need to understand how they work and whether they are useful
  • gifts are not taxable
  • gifts can affect right to pension (if thats relevant)
  • disputes between children over who gets more than the other
  • 

    Genga on 11/12/2020 - 16:17

    Cheers - I think accountant might be the best first step and then go from there.

• 

  Seraphin7 on 11/12/2020 - 17:25

  +2

  Looking for advice on:

  How to manage the house sale proceeds ie how to get them into super and/or advise an alternative investment for the money. Between the two of them they have 3 super accounts - 2 x in retirement phase and 1 x accumulation phase as 1 person still working). I know there is a downsizers contribution allowed, but not sure if applies to house that isn't a PPOR.

  You/they need to speak with an accountant first and then a financial adviser if you/they can't navigate the investment options.

  CGT implications

  Accountant.

  Tax implications for child receiving gifted money

  Accountant, but there is no tax payable on gifts.

  Whether a family trust would be helpful (2 x adult children)

  Accountant. Possibly a lawyer after that.

  Set up wills

  Lawyer.

  Advise on how to downsize their PPOR in 2-3 years/manage proceeds from that sale

  Accountant.

  • 

    mskeggs on 11/12/2020 - 17:51

    Agree with this. Not sure what the role of a financial planner would be here, as the outcomes are already largely decided and the timeframe is short.

    • 

      Seraphin7 on 11/12/2020 - 20:01

      Only on the part of "how to get them into super and/or advise an alternative investment for the money". Easy enough to do, but if you don't want to do it yourself …

      • 

        Genga on 11/12/2020 - 20:27

        +1

        Yes, putting it into super was just what they've assumed to be the best approach but unsure of whether that's possible/taxable to what degree etc. Sounds like an accountant is the best person for the job in the first instance.

        Thanks for taking the time to respond.