As with most other countries around the world, in Australia, inheritance typically refers to the transfer of assets of wealth from one individual to another upon the former’s death. This transfer can occur through various means, including wills, trusts, or intestacy laws where no valid will is available.
The things you can inherit are wide and ranging and can include real estate, investments, cash, business interests, and personal belongings. They may also include superannuation benefits, although these are subject to specific rules and regulations governing their distribution.
Navigating inherited wealth requires a thoughtful and strategic approach to ensure its preservation and growth for future generations. At Solace Financial, we understand the importance of aligning personal and financial goals with a tailored strategy that is designed to effectively manage your inherited assets.
Our financial planning process begins with a comprehensive discussion to help us understand your unique aspirations, values, and financial objectives. With this insight, we’re able to tailor the rest of our approach to reflect your vision for the future, whether that involves wealth preservation, philanthropy, legacy planning, or anything else.
Enquire NowBased on our thorough assessment of your circumstances, risk tolerance, and time horizon, we’ll develop a customised strategy for managing your inheritance. This may include diversifying your assets, optimising your investment strategy, establishing trusts or estate plans, and addressing tax implications.
Enquire NowOnce the strategy is in place, we take proactive steps to implement the necessary actions to build and preserve your wealth effectively. This involves executing investment decisions, monitoring asset performance, and exploring new opportunities to enhance growth while mitigating risk to maximise the potential of your inherited assets and create a solid foundation for your financial future.
Enquire NowWe also conduct regular reviews of your inherited wealth management strategy, staying proactive in identifying any necessary adjustments or opportunities for optimisation. This includes updating estate plans or adapting to changes in tax laws or financial markets, ensuring that your wealth management remains perfectly aligned with your goals. Learn more about our wealth management services.
Enquire NowOne of the reasons why receiving an inheritance can feel so daunting is because it comes with challenges you may have never faced before, including tax implications and asset management.
These are some of the most common challenges newly inherited individuals may face and how a financial adviser can help you address them.
Many people who receive an inheritance don’t have the necessary financial literacy to effectively manage their inherited wealth, and this can have several implications. A financial adviser can provide education and guidance on financial matters, helping you better understand your options, make informed decisions, and develop a solid financial plan that is tailored to your needs and goals.
Inherited assets also come with significant tax implications, including capital gains tax, estate taxes, and income tax. With the help of a financial adviser, you’ll be able to navigate these complexities by implementing tax-efficient strategies that minimise your liabilities and maximise the after-tax value of your inheritance.
Managing a diverse portfolio of inherited assets, such as stocks, real estate, and business interests is another challenge that many people struggle with. However, an experienced financial adviser can provide expertise in asset allocation, risk management, and investment strategies to help you optimise the performance of your inherited investment portfolio and achieve your financial objectives. Learn more about investment advisory services.
Another challenge posed by inherited wealth is estate planning, which includes wills, trusts, and beneficiary designations. Financial advisers can work with you and legal advisers to develop an estate plan that reflects your wishes, minimises probate costs and inheritance taxes, and ensures a smooth transfer of assets to future generations.
EXCELLENT23 reviews on
Jo Crawford-Bryde2023-09-27I recently met with my financial advisor Scott Quinlan to discuss proposed plans for retirement. As always, Scott was able to set out the information, processes and options in a clear and easily understood manner. Aside from the clear and sound financial advice, what most impressed with was the time that Scott took to actually talk to me about my readiness to retire. To check that I was mentally ready to enter this next phase and transition from work. I came away from the meeting feeling valued and reaffirmed that this was the right time as all of the issues I had been pondering were discussed openly. I cannot recommend Scott highly enough. He has been a valued advisor of myself and my husband for over 15 years and his management of our retirement funds has placed in a great financial position.
KEVIN BRAY2023-08-30My Wife and I started with Scott when he was with Whittaker Macnaught and have been with him to this day. We are now retired, and self funded thanks to Scott and Solace Financial. Kevin & Lorraine Bray. 👍👌
Gary Rigg2023-08-24Scott and his team take the time to understand what your goals and needs are and then provide an ongoing service to achieve those goals in a friendly, professional and committed manner.
Lois Jewell2023-08-24Scott and the team at Solace Financial are magnificent. We came to them in a quite a mess after the GFC, and they have confidently guided us to a stronger financial position with an investment strategy aligned with our risk profile and life goals.
Richard Dart2023-08-23We have been with Scott Quinlan and his team at Solace Financial every since they emerged from Whittaker Macnaught over 10 years ago. Their advice and service has been outstanding and we would highly recommend them to any future investor.
Kevin Goos2023-08-23Scott has looked after our finances for many years and we have absolute trust in his expertise and judgment. Thanks to his sage advice, we are well set up for a comfortable retirement. He’s such a terrific person and has wonderful people skills. Very highly recommended for anyone looking for sensible advice and strategising to achieve your long term financial and lifestyle goals.
Bronwyn C2023-08-22Scott Quinlan at Solace Financial has been advising me since 2017. Scott actively manages your investment and he thinks about it through the lens of your individual needs. Scott's support staff, in particular his EA Mel, are quick and efficient in attending to the daily management of his client portfolios.
Sarah Day2023-07-31Steve has been my financial advisor for years and he has always been there for me for advice and assistance. Steve’s advice is always amazing and he is so considerate and generous with his time. Thank you Steve!
Principal / Financial Adviser
Masters of Financial Planning
Bachelor of Commerce
CFP®
P (07) 3106 3114 | F (07) 3106 3100
scottq@solacefinancial.com.au
www.solacefinancial.com.au
Principal / Financial Adviser
Bachelor of Commerce
CFP®
P (07) 3106 3113 | F (07) 3106 3100
M 0418 155175
stephenh@solacefinancial.com.au
www.solacefinancial.com.au
Principal / Financial Adviser
Masters of Financial Planning
AFP®
P (07) 3106 3112 | F (07) 3106 3100
giles@solacefinancial.com.au
www.solacefinancial.com.au
Discover more about Giles
Following receiving an inheritance, working with a financial planner offers multiple benefits, some of which go beyond mere asset management. To start, a financial planner will provide personalised guidance that is tailored to your unique circumstances and goals, offering clarity and direction in navigating the challenges posed by inherited wealth.
You can also rely on a financial planner to optimise the tax implications of your inheritance, and they’ll ensure tax liabilities are kept to a minimum and that your after-tax wealth is kept as high as possible.
Have you received an inheritance for which you need professional advice on how to manage and grow? Contact us today to book a consultation or fill in our financial analysis form, and we’ll get you on the road to making the most of your inherited wealth.
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