Protecting Your Financial Future – Jodie Curtis from HLB Mann Judd

This month we are lucky to feature an informative article written by HLB Mann Judd’s Jodie Curtis about Protecting your Financial Future. Jodie is a manager in the business advisory team at HLB Mann Judd – a firm that is recognized for excellent client service.

She helps business owners to understand and manage the financial side of their business and comply with all their tax obligations. Jodie is passionate about providing knowledge to emerging leaders about the importance of planning their financial future and works together with the HLB Mann Judd Wealth Management Team to provide this.

As we develop our careers, life gets busier and with increased responsibilities, mortgages and young families, it’s easy to place our finances, estate planning, insurances and tax issues on hold. But life can take unexpected turns and our “course” can suddenly change – having solutions in place now eases the burden during these difficult times and knowing you have a plan gives peace of mind.

It’s never too early to start planning your financial future and speaking with professionals who can assist you with the development of a financial plan and address the following key elements:

  • Development of a Will – If you own any assets, you should consider having a Will to ensure you have a say with regard to how these assets are distributed. If you don’t have a Will, your estate will be considered “intestacy” and the government will distribute your assets according to a legal formula to those they see as valid beneficiaries.
  • Preparing an Enduring Power of Attorney/Guardianship and Advance Health Directive delegates the ability to make financial/legal/lifestyle choices and/or medical treatment choices if you lose capacity.
  • If you are injured or ill for a period of time, how will you pay your mortgage of meet your financial commitments? Income Protection Insurance covers your expenses and financial commitments during this downtime, allowing you to focus on recovery. Conducting a personal insurance review ensures insurance choices and recommendations are structured to work with every aspect of your financial plan, and if you lock in your insurance premiums sooner you will receive a better rate and avoid the potential of limited cover.
  • Reviewing your Superannuation Fund/s can reduce overall costs (having multiple funds means you are paying multiple administration and management fees) and ensure your Superannuation is invested appropriately for your risk profile.
  • Reviewing your tax profile will ensure that it is most appropriate for you and that you understand superannuation caps, salary packaging and tax deductions can provide tax benefits. The ATO are targeting excess work-related deductions and rental properties, therefore it is important to seek appropriate advice and understand the substantiation requirements.

Addressing these issues and developing a financial plan will help you set the foundations for your financial future, and will assist with goal-setting and ensuring your income works for you in the most effective way.

HLB Mann Judd has developed an “Emerging Leaders” package specifically to address these issues and ensure all aspects of your financial future are covered. If your career is on track, it’s time to build your personal financial foundations and protect your wealth, giving you peace of mind whilst living a life you enjoy.

For more details on how to get started, contact Jodie Curtis at HLB Mann Judd on 08 9227 7500 or email jcurtis@hlbwa.com.au.

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