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.
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
Financial Planner
Certified Financial Planner – CFP®
Master of Financial Planning – MFP
Chartered Tax Adviser – CTA
P (07) 3106 3106 | F (07) 3106 3100
joelc@solacefinancial.com.au
www.solacefinancial.com.au
Discover more about Joel
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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