Building Wealth

When first entering the workforce, saving for retirement may not be something on your mind. It's common to aim for more short or medium-term goals like overseas travel, a new car, a deposit for a home or an investment in the stock market.

Building wealth also encompasses long-term strategies to help you make the most of your finances and the time you have in the workforce. Kingston Financial Planning Pty Ltd can work with you to look at all aspects of your lifestyle, your goals and your needs and develop strategies to optimise your earning potential.

Your wealth creation strategy could involve setting clear short, medium and long-term goals, putting together an easy-to-follow budget, directing any surplus funds to an investment portfolio, utilising tactics to minimise tax and putting strategies in place to protect yourself and your family.

Protecting Your Wealth

The consequences of not being able to work for six months, a year or more due to illness or injury can devastate your lifestyle and plans-and those of your family.

Have you considered what would happen to your family if the main breadwinner died? While nothing compensates for the loss of a loved one, it's easy to protect yourself and your family from the financial impact of the unexpected.

Term life cover

Term life insurance provides a lump sum payment for your family in the event of your death. The money can pay off the mortgage so your family can stay in the family home and meet other financial obligations. It can ensure that a difficult time is not made worse by unnecessary financial stress.

Total and permanent disability cover

Total and permanent disability insurance provides a lump sum payment if you suffer an illness or injury and are permanently unable to work. It can help you maintain your current lifestyle and pay any additional expenses that ongoing illness or injury can bring.

Trauma

Trauma insurance provides a lump sum payment if you suffer a major trauma such as cancer. It can make it easier for you to focus on your health and meet the costs of medical care and rehabilitation.

Income protection

Income protection insurance provides a regular payment in place of your income when you suffer an illness or injury and are temporarily unable to work. When you're out of action, day-to-day living costs don't stop. On top of them, the costs associated with overcoming an illness or injury need to be covered. Income protection cover can help maintain your lifestyle and take the pressure off until you're able to return to work.

Planning Your Retirement

As retirement nears, and you begin thinking about the retirement lifestyle you would like, your super comes more into focus.

Depending on when you plan to retire - at age 50, 55 or 60 - you may start thinking about putting extra money into super, maximising your investments, balancing risk and return, and looking at your wealth protection needs.

And as you think about winding down from the workforce, Kingston Financial Planning Pty Ltd will work with you to reduce the risk your super investments may be exposed to and protect the wealth you've worked hard to build.

For many, easing into part-time work and taking advantage of the government's transition-to-retirement rules is the natural way to move into the next stage of life. Whatever your plans, maximising your retirement savings is essential-and the way you structure your finances can have a direct impact on how much you end up with down the track.

Kingston Financial Planning Pty Ltd will help you work out the most effective way to make the most of your years in the workforce and draw an income from your super in retirement.

Estate Planning

Estate planning is a specialised area that can involve many financial complexities. While no one intentionally leaves behind complications for their loved ones, countless families are burdened with the difficulties of an out-of-date will.

You can make sure it's easy for your loved ones to receive what you leave behind. Kingston Financial Planning Pty Ltd will work in conjunction with you and your solicitor to ensure your assets will pass smoothly and tax-effectively to your loved ones.

Changing Jobs

Changing careers can be stressful. Whether you love your job or you've been thinking about finding a new one, being without work or having to change careers unexpectedly can be planned for.

You may find yourself considering career options you hadn't given serious thought to before: undertaking training, seeking further education, looking for part-time work or considering working for yourself and starting your own business.

Have you considered the financial and emotional implications of changing jobs? These can be overwhelming and can affect other areas of your life. There are many options to be considered to ensure you'll be satisfied with the changes you're making and that you receive the entitlements due to you when you leave your current job.

Making time to speak with us can give you the opportunity to explore the viability of your options, assess your future and ensure you stay on track to reach your goals.

Ageing Parents

As Australia's population continues to age, the proportion of people over 65 is rising. Many elderly people aim to remain independent and live in their own homes. But in some cases this isn't possible.

Fortunately, there are many options. Sometimes staying at home with regular support is possible and sometimes full-time in-home care is required. You may find that eventually you're faced with the difficult decision of helping your parents move to another residence where their wellbeing can be better supported.

Working with Kingston Financial Planning will ensure you're aware of the options available to your parents, that their needs are met and they do not unintentionally forego any financial entitlements.

We will look at the structure of your parents' assets to maximise Centrelink aged-care and health-care benefits to help their savings and support them to stay at home.

The impact of capital gains tax as a result of the sale of any assets may also be reduced or avoided altogether.

We can be there with you from the start to assist you with every aspect of exploring and managing your parents' options and needs. For example, by:

• connecting you with care assessment teams and home support services
• participating at family meetings to help ease the stress of challenging conversations during difficult times for your family
• working with your accountant and lawyer to ensure the needs of your parents are well supported

Speak with us for the right advice and guidance.

Inheritance

Receiving an inheritance can leave you with mixed feelings. Dealing with the loss of a loved one, grief and other emotions can make it difficult to decide what to do. Sometimes during emotionally challenging times, the impact of tax and inheritance rules can be the last thing on your mind.

At such times, it can be comforting - and in your best interests - to speak with us. You can then go through the grieving process more freely with the assurance that tax and inheritance rules won't eat into your money unnecessarily.

Depending on the types of assets you inherit and the way any money is passed on to you, there can be issues to consider and manage in order to maximise the amount you receive.

Often when a loved one dies we can be reminded about the importance of planning for our own beneficiaries and ensuring everything is as uncomplicated for them as possible.

We can work with you and your accountant and lawyer to ensure you end up making the most of your inheritance, and can guide you in what you can do to ensure your loved ones are taken care of when you die.

Buying Property

Financial advice from Kingston Financial Planning can make a big difference in how quickly you can own that home or investment property you have been thinking about buying. How you structure your mortgage, and considering any existing loans and savings accounts you have-makes a big difference to your long-term financial success.

Assess your financial position with us and you can take years off the duration of your loan and own your property quicker.

Starting a Family

Welcoming a first, second or third child may be one of the most exciting and overwhelming times of your life. With a new child comes a new budget with many changes and a whole new life stage.

Financial decisions need to be made and it certainly pays to plan well ahead for such a significant time in life - especially if there's the chance your situation means changing from two incomes to one for any length of time. The cost of child care or an income reduction will have a financial impact throughout the child's lifetime and both or one parent may continue working and, depending on what's best for your family, the cost of child care while you're at work or a reduction in income will have a financial impact. The financial costs associated with having a baby can be surprising and related costs in raising the child need to be considered also.

When preparing for the arrival of your child, you may find yourself meeting the initial costs of furnishings for the nursery while you consider the day-to-day costs of looking after a baby. Some decide to buy another car while some may think about a larger home with a bigger backyard. The time also arrives when the options and costs for a child's education need to be considered.

Kingston Financial Planning can ensure these expenses are planned for, that your family and all you have worked hard to gain are protected and you can give your children the best start to life - regardless of what life brings.

Divorce

Whether you are married or in a de facto relationship, separating from your partner can be one of the most challenging times in your life. Current trends suggest that one couple in three will face the complicated emotional and financial issues of a separation or divorce.

When separating from your partner you'll need to review any joint investments, bank accounts, superannuation funds, personal insurance, health insurance, and possibly your tax arrangements. If you have children, you may need to address child maintenance arrangements too. In certain circumstances one or both parents may be entitled to temporary or long-term parenting payments from Centrelink.

By speaking with us you can be confident in your entitlements and options. Many people have benefited from our insights and assistance when negotiating with their partner.

The challenges can be complex and we can guide you through the financial implications of separation and help you prepare for the next chapter in your life.