Financial Planning

Ariq and Felipe, a married couple, are reviewing their estate planning needs; they are both aged 65 and supply the following information:

 

  • They jointly own their home worth $1,200,000 and have no debt.
  • They jointly own a car ($40,000), home contents ($60,000) and savings ($30,000).
  • Ariq’s allocated pension has $430,000 (tax-free $80,000, balance from a taxed source).
  • Felipe’s allocated pension has $240,000 (tax-free $40,000, balance from a taxed source).
  • They have two financially independent adult children; one is experiencing marital difficulties.
  • They would like to leave their estate to their children equally.

 

 

Required:

 

 

Discuss the estate planning issues associated with this scenario. (10 marks)

Solution:

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