Hello everyone,
I know the easiest answer is give all my money to mum but let’s keep it about property.
So, my mum is going through a separation. It’s complicated involving a property and businesses. I cannot say what her assets will be but it’s looking like she’ll have cash and no house.
I have cash. I have the ability to buy houses that’s ok. She’d be looking to retire in about 5-10 years. In terms of maximising her pension what would the best thing be to do.
1. She buys her own property?
2. I buy a property for her to live in?
3. What’s the most tax effective strategy for her left over money considering it could affect her pension?
4. Any other things you would advise me to do.Thanks for any help.
If maximising her pension is the goal it would depend on how much cash she comes out with. If a small amount it won’t make a difference. If a larger amount it might be worth her while buying a main residence.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
PPOR would be a likely option for her – though it really comes down to specifics. Well worth careful advice in this, especially nearing retirement.
If she has a financial adviser it would be worth looking at her options with them – else getting in touch with one to provide forward advice so her pension isn’t impacted if necessary.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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