A binding death nomination is estate planning for your super or pension
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 24 July 2020 and the topic: Binding nominations and reversionary pensions.
Financial Planner Luke Smith joins 2CC to explore the the issues surrounding estate planning for your super or retirement income stream. They start the show however by having a quick chat about Covid-19. Canberra is doing quite well when compared with other parts and we hope that continues. In this episode Luke shares his thoughts around what you may consider when setting up a binding nomination.
Key highlights include:
- What is a binding death nomination? Did you know It’s not automatically covered by your Will.
- What is a non-binding death nomination?
- What happens if their is no nomination in place and you passed away?
- What are the benefits of having a binding death domination?
- The nomination can lapse, so don’t forget to renew it! Some super funds however offer non-lapsing nominations so check!
- What are the things you need to consider, as a part of your broader estate planning?
- The pitfalls or things people miss – things like forgetting to update it after a divorce.
- There are also tax consequences – so think about how these might be managed.
- What are the strategy considerations you might consider? Perhaps a reversionary pension is better?
- An offer for a free appointment to talk about your own financial planning goals and objectives. Everyone has different goals and personal financial planning advice can help you achieve them more effectively.
- An invitation to participate in our Budget Program starting in October.
Listen to the Podcast right now
Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’
Is your own binding death domination or reversionary pension sorted?
Estate planning can be confronting to many people, but it’s important to get it right given you’ve worked hard to build assets over your life. Envision Financial can help you set and work towards your own financial goals and help you better manage your financial well-being. We’re very pleased to let you know that we’ve returned to the office for appointments. Make an appointment to catch up with Luke face to face, over the phone or via video appointment.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your own life goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.