Inheritance Advice
Make the Most of Your Inheritance with Expert Financial Guidance
Receiving an inheritance can be both emotionally and financially overwhelming. Alongside the personal significance, there are important financial decisions to make. Whether it’s a lump sum of cash, property, or shares, making the right choices can ensure that your inheritance supports your long-term financial goals.
At James Hayes Financial Planning, we provide tailored inheritance advice to help you manage your new financial position responsibly. Our expert guidance ensures that you understand your options, reduce potential tax burdens, and use your inheritance to build a secure financial future.
Why Seek Inheritance Advice?
An inheritance can have a significant impact on your financial situation. Still, without careful planning, it’s easy to make decisions that may not serve your best interests in the long term. Professional inheritance advice can help you:
Understand Your Options – Whether you’ve inherited cash, property, shares, or other assets, we’ll guide you on the most strategic ways to use or invest these assets.
Tax Considerations – In Australia, inheritances can come with tax obligations. We’ll help you navigate any potential taxes, such as capital gains tax (CGT), and advise you on how to minimise your tax liability.
Create a Financial Plan – We’ll work with you to integrate your inheritance into your broader financial plan, helping you decide whether to pay off debt, invest, or save for future goals like retirement.
With expert advice, you can make informed decisions and ensure your inheritance supports your long-term financial wellbeing.
How We Help You Manage an Inheritance
1. Assessing Your Financial Situation: When you receive an inheritance, it’s important to take a step back and assess your overall financial situation before making any major decisions. At James Hayes Financial Planning, we help you:
Understand the Value of the Inheritance – We break down the components of your inheritance, including cash, property, shares, and other assets, so you have a clear picture of what you’ve received.
Evaluate Your Current Financial Position – We assess your income, savings, debt, and investments to understand how the inheritance fits into your overall financial plan.
Set Short- and Long-Term Goals – Whether you’re looking to pay off debt, invest for growth, or save for a specific goal, we help you develop a strategy that aligns with your personal and financial aspirations.
2. Tax Planning and Legal Considerations: Inheriting assets can have various tax implications, depending on what you receive and how you decide to use it. Our inheritance advice covers the following:
Capital Gains Tax (CGT) – If you inherit property or shares, you may be liable for CGT when you sell those assets. We’ll help you understand when CGT applies and how to minimise it.
Tax on Superannuation Death Benefits – If you’ve inherited money from a superannuation fund, there may be tax considerations depending on whether the deceased was retired or still contributing. We explain how this works and what tax obligations might arise.
Legal Aspects of Inheritance – While we don’t offer legal advice, we can help you understand any legal processes associated with your inheritance, such as probate, and refer you to trusted legal professionals.
3. Investing Your Inheritance: If you want to grow your inheritance’s value, we can help you develop a customised investment strategy. We provide advice on:
Investment Options – Whether you’re considering shares, managed funds, or property, we’ll guide you through the options available and explain the risks and potential returns of each.
Risk Management – We assess your risk tolerance and recommend a diversified investment portfolio that suits your financial goals.
Long-Term Growth – Investing your inheritance wisely can help secure your financial future. We’ll help you balance growth with security, ensuring your investments align with your personal and financial priorities.
4. Paying Off Debt or Building Wealth: Deciding whether to pay off existing debts or invest your inheritance is a common dilemma. We’ll help you weigh the pros and cons of each option, considering factors like:
High-Interest Debt – If you have high-interest debt, such as credit card balances, paying these off may be a priority. We’ll help you identify which debts to clear first for the greatest financial benefit.
Building a Nest Egg – If you’re debt-free or have manageable debt, you might want to invest your inheritance for long-term growth. We provide advice on how to make your money work for you, whether through investments, superannuation contributions, or other strategies.
Superannuation Contributions – You may also want to consider boosting your superannuation with part of your inheritance. We’ll guide you on how to maximise contributions and take advantage of tax incentives.
5. Protecting Your Inheritance: If you’ve inherited a substantial amount, protecting that wealth is just as important as growing it. We offer advice on:
Insurance and Estate Planning – We’ll help you assess your insurance needs and review your estate plan to ensure your inheritance is protected and passed on to the next generation according to your wishes.
Wealth Preservation – We provide strategies for safeguarding your wealth, such as placing assets in trusts, which can help protect your inheritance from potential legal disputes or creditors.
Long-Term Financial Security – In addition to wealth protection, we’ll help you plan for future goals like retirement or family support, ensuring your inheritance is used to secure your financial future.
When Should You Seek Inheritance Advice?
If you’ve recently received an inheritance, seeking advice sooner rather than later can help you avoid costly mistakes and set you on the right path. Some situations in which you may benefit from professional inheritance advice include:
Receiving a Lump Sum of Cash – It’s important to know how to use or invest this money wisely, considering both short-term needs and long-term goals.
Inheriting Property – Managing inherited property can come with challenges, such as deciding whether to sell, rent, or live in the property. We’ll help you understand the implications of each option.
Receiving Superannuation or Shares – If you’ve inherited superannuation or shares, there may be tax considerations to address. We’ll guide you through the most tax-efficient strategies for managing these assets.
Complex or Large Inheritances – If you’re dealing with a large or complex estate, such as multiple properties or business assets, professional advice can help ensure your inheritance is managed properly.
Why Choose James Hayes Financial Planning for Inheritance Advice?
At James Hayes Financial Planning, we understand that receiving an inheritance is both a personal and financial matter. We take a thoughtful, professional approach to help you make the most of your inheritance and ensure it aligns with your broader financial goals. Here’s why clients trust us:
Tailored Advice – Every inheritance is unique, and we offer personalised advice that suits your individual financial situation and goals.
Expertise in Wealth Management – With years of experience in financial planning, we provide expert guidance to help you manage your inheritance wisely.
Comprehensive Financial Planning – We don’t just focus on your inheritance; we help you create a holistic financial plan that secures your future.
Clear and Transparent Fees – Our fees are straightforward, so you’ll always know exactly what you’re paying for.
Ongoing Support – We’re here to provide ongoing advice and support, ensuring your financial plan adapts as your circumstances evolve.
Ready to Make the Most of Your Inheritance?
If you’ve received an inheritance and want expert advice on how to manage it, contact James Hayes Financial Planning today. We’ll help you develop a strategy that aligns with your goals and ensures your inheritance supports a secure financial future.