should children be members of your smsf?
TRANSCRIPT
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
SHOULD CHILDREN
BE MEMBERS OF
YOUR SMSF?
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
What You’ll learn:
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
What You’ll learn:
Whether or not
It’s a good idea.
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Let’s start
with the pros
Financial literacy
Teaches your children
to understand
money
You can have up to
Members in an SMSF 4
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Introduce your
teenager to your smsf
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Introduce your
teenager to your smsf
When they start work
And start receiving
Small amounts of super
They will become
Actively involved
In the investment
Of their super
savings
And will already Be ahead
of the Majority of people When
it comes to savings and
Wealth creation
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Another benefit...
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Another benefit...
Inter-generational
transfer of family assets
Like a farm
Or family business
property
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
what about the
cons?
Hands in the
cookie jar
Making your children
Members gives
Them Access to the
resources Of the fund
Relationship
breakdown
Relationship breakdown
Nothing is beyond
The reach of the
Family court
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Control on death
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Control on death
Who has control will
be the most factor
important When carrying
out the wishes of
a deceased member
considerations
make sure
the child’s
benefits are
segregated
From the
parents
assets within
the fund
Minors cannot
act as trustee
until they are: 18
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Don’t invite adult children to be
a part of your smsf.
Their needs, motivations and family
situation are very likely,
different to yours.
conclusion
Should children be members your SMSF?
-‐ Posi6ves -‐ Considera6ons -‐ Nega6ves -‐ What if? -‐ Conclusion
Want more?
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@QuillGroupAus
This post originally appeared on Superfund partners