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Young Families: Making a Flexible Will Saves Tax

Where there are children or grandchildren under 18 years of age, there are potential tax savings to be made from a Flexible Will.

The tax benefits of a Flexible Will are highlighted in the following example:-

Andrew and Phil did everything together. Tragically, on a fishing trip, their boat capsized and they both lost their lives. Andrew and Phil:-

  • Were 37 years old when they died.
  • They were both married with 3 children (aged 5, 7 and 11).
  • They both earned around $35,000 a year and their wives earned about $30,000 a year.
  • They had homes worth around $300,000 with a mortgages of around $100,000.
  • They had no real savings, but had superannuation and life benefits worth $280,000.

Andrew and Phil could be described as typical young husbands.

On their death, the following occurred:-