App Advisory: How We Can Help You Boost Your Business with Xero and Other Cloud Apps

Estate planning is the process of planning how your assets will be managed and distributed after your death or if you lose capacity. Estate planning is not only about making a Will, but also about ensuring that your wishes are carried out in the most effective and efficient way possible.

Estate planning can help you achieve various goals, such as:

  • Providing financial support and security for your partner, children, grandchildren, and other beneficiaries
  • Preserving and enhancing the value of your assets for future generations
  • Reducing or avoiding tax liabilities and legal fees
  • Protecting your assets from creditors, divorce, or misuse by beneficiaries
  • Expressing your personal values and preferences for your health care and end-of-life decisions

At MDB Taxation and Business Advisors, we are here to help you with all your estate planning needs. We are your trusted tax agents and experts in preparing individual tax returns and estate plans. We can work with you to understand your situation, goals, and needs, and provide you with tailored solutions that suit your circumstances.

How to create an estate plan?

An estate plan typically involves several steps and documents, such as:

  • Making a Will: A Will is a legal document that specifies how you want your assets to be distributed after your death. It also appoints an executor who will be responsible for carrying out your wishes and administering your estate.
  • Making a Power of Attorney: A Power of Attorney is a legal document that authorises someone else to act on your behalf in financial and legal matters if you lose capacity or are unable to do so yourself.
  • Making an Advance Care Directive: An Advance Care Directive is a legal document that expresses your wishes for your medical treatment and care if you lose capacity or are unable to communicate them yourself.
  • Making a Binding Death Benefit Nomination: A Binding Death Benefit Nomination is a document that instructs your superannuation fund on how to pay out your superannuation benefits after your death. It overrides the discretion of the fund trustee and ensures that your superannuation benefits go to the beneficiaries you choose.

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How We Can Help You with App Advisory

We have a proven process that will help you get the most out of the cloud apps for your business. Here is how we work:

  • Consult: We work with you to fully understand your business, including your current processes and pain points, and identify areas where technology can help you streamline your daily operations.
  • Design: We design a customised cloud app system that will enhance your business operations. We analyse each of your key business processes and map them to the most suitable apps. We also consider your budget, timeline, and future growth plans.
  • Implement: We implement your new cloud app system by migrating your data from your existing systems and setting up your new apps. We test each function thoroughly and provide you with detailed training so that you feel confident using your new tools. We also create backup plans and procedures to ensure you can always operate smoothly.
  • Support: We provide ongoing support and advice on the cloud apps for your business. We monitor your app performance, troubleshoot any issues or errors, and suggest improvements or solutions. We also keep you updated on the latest features, updates, and integrations of the cloud apps.

  • Creating a Testamentary Trust: A Testamentary Trust is a special type of trust that is created by your Will and comes into effect after your death. It allows you to transfer some or all of your assets into the trust, where they are held and managed by a trustee for the benefit of your beneficiaries. A Testamentary Trust can offer various advantages, such as:
  • Tax savings: The income generated by the trust can be distributed among the beneficiaries in the most tax-effective way. For example, minor beneficiaries can receive up to $18,200 tax-free each year from the trust, instead of being taxed at the highest marginal rate.
  • Asset protection: The assets in the trust are not owned by any individual beneficiary, but by the trustee on their behalf. This means that the assets are protected from creditors, divorce settlements, or legal claims against the beneficiaries.
  • Flexibility and control: The trustee has discretion over how to distribute the income and capital of the trust among the beneficiaries, according to the rules of the trust deed (which are designed by you). This allows you to cater for different needs and circumstances of your beneficiaries over time.

At MDB Taxation and Business Advisors, we can help you create an estate plan that incorporates all these elements and more. We can also review and update your existing estate plan to ensure that it reflects your current situation and wishes.

How can MDB Taxation and Business Advisors help?

At MDB Taxation and Business Advisors, we have extensive experience and knowledge in preparing individual tax returns and estate plans. We can help you with:

  • Assessing your assets and liabilities, including superannuation, life insurance, trusts, and business interests
    Identifying your beneficiaries and their needs, including those from previous or subsequent marriages
  • Advising you on the best strategies to achieve your estate planning goals, such as using testamentary trusts, binding death benefit nominations, or charitable bequests
  • Preparing all the necessary documents for your estate plan, such as Wills, Powers of Attorney, Advance Care Directives, and Trust Deeds
  • Working with our partner legal teams to ensure that your documents are legally valid and enforceable
  • Lodging your tax returns on time and accurately with all the relevant deductions and credits for your estate planning activities
  • Dealing with any queries or audits from the ATO or other authorities

We pride ourselves on our commitment to providing exceptional service to every client. We understand that everyone’s situation is unique, which is why we offer personalised solutions tailored to meet your individual needs.

We also take the stress out of dealing with estate planning by helping you take advantage of all the benefits and opportunities it offers while avoiding any pitfalls or risks. With our assistance, you will have more time to focus on what you do best – enjoying your life and leaving a lasting legacy.

Don’t let the complexity of estate planning hold you back. Contact us today to learn more about how we can help you create and implement an estate plan that protects and grows your wealth. Trust us to provide you with the guidance and support you need to make informed decisions and reach your full potential.