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Death & Divorce

But in the world nothing can be said to be certain but death and
taxes.

- Benjamin Franklin

When a loved one passes, attending to the accounting and tax needs of the estate is usually a low priority.

Remaining proactive and yet sensitive to the family's needs is often the best way of ensuring that tax compliance is attended to.

Generally the Executor and family members need to consider:

  • Tax implications of bequests
  • Unwinding or transitioning the deceased business and investment structure
  • Self managed superfunds
  • Complex issues associated with distributions to non-residents
  • The final tax return for the deceased
  • Tax returns for the Estate

At Red Consulting International our unique approach sees us assisting with the technical tax requirements and with the family members to:

  • Understand their personal tax liabilities and obligations
  • Run family meetings for clarification of options
  • Negotiate with the deceased's business partners.
  • Liaise directly with solicitors where appropriate to expedite estate funds availability.

Successfully working through the needs of a deceased estate therefore requires a balance of technical knowledge, experience and consideration of the many other issues that may be involved. 

Divorce


Ending a relationship through divorce can be a traumatic experience and often leaves one partner without a support network of advisors to help ensure their needs are properly considered.

At Red Consulting International we work with clients going through this difficult time to help them:

  • Review their financial affairs and needs moving forward
  • Introduce them to banking and financial planning relationships
  • Identify positive structural opportunities such as child maintenance trusts
  • Provide forensic due diligence if required
  • Liaise with family lawyers

Child maintenance trusts can be an effective planning tool to help protect the financial interests of your children in a tax effective manner.

For an independent view of your situtation and an opportunity to talk through the next steps, contact us today for your free introductory meeting.