General Medical issues thread

[Pushka]

I've spent quite some time getting together all the finances

Kudos Pushka, I am a bit in denial in this area..after all I am quite young and fit and plan to be around for another millennium or two
Our original wills were made before #1 son settled overseas ; he still has the first $ he ever earned so was earmarked to head the finance department.
Fortunately #2 son is probably now a worthy assistant and I am sure they will sort it all out
There are all sorts of issues with OS beneficiaries..especially US residents.

Tell me about the overseas residents thing. We have the same issue, UK. So much tax is extracted because of it. I'm hoping I have time on my side and can take as much into cash which doesn't attract the tax. Id like to give it to them in advance . Maybe they agree that currently as we have two places pretty much equal value that one son gets one each and the UK keeps the other as a rental. But property and super fund payouts are the kickers. I've attached advice from the financial department of the lawyers who did the will on potential escapes for them.

 

[prozac]

We also have issues because Seat Son lives overseas and until recently was a dual Aus/US citizen (by accident of being born there while we were on a military posting). He has now given it up - that was a process in itself.

Our wills require the kids (executors) to obtain legal, financial and taxation advice at the estate’s expense before dealing with any asset under the will as there are some major traps associated with particular kinds of assets such as property. We hope that helps minimise issues at that time.

Going through the exercise of setting up a perpetual trust. MsProzac who is basically now living o/s since start of covid (she couldn't return to Oz and now chooses not to having established a new life) is the fly in the ointment as she will be treated as a foreign resident. However my accountant tells me there are ways around this.

 

[Seat0B]

Sounds like there are a few of us in this position. Maybe we should have a new thread to discuss in more detail what we have learned along the way in case we have missed bits and can pick up questions for our advisors from each other?

 

[Flashback]

Sounds like there are a few of us in this position. Maybe we should have a new thread to discuss in more detail what we have learned along the way in case we have missed bits and can pick up questions for our advisors from each other?

I would follow this with interest if created.

 

[Seat0B]

I would follow this with interest if created.

Ok I will do it now!

 

[Pushka]

Going through the exercise of setting up a perpetual trust. MsProzac who is basically now living o/s since start of covid (she couldn't return to Oz and now chooses not to having established a new life) is the fly in the ointment as she will be treated as a foreign resident. However my accountant tells me there are ways around this.

So, I may have this wrong but are you battling your health issues on your own?

 

[prozac]

So, I may have this wrong but are you battling your health issues on your own?

No, I have children, but I am thinking about assets that I consider have more value in continued income stream after I am gone than a one off hit of inheritance. When the inheritance is spent there is nothing more there. A continuing stream of income however can support a home loan for instance, and continue to do so well into the future. When I was in hospital waiting for a diagnosis and unsure I would be continuing to irritate everyone I was struck that I hadn't finished my empire building and concerned it's true value could be washed away with the tide if not handled properly.

Edit: Forgot to mention I have MrsProzac too...but I was supporting her. She was a bit taken aback when it all kicked off, and she definitely didn't like the look of me all drugged up in ICU before my lungs re-inflated.

 

[tgh]

Big big big like @prozac.. 'zactly what I have done with trusts formed @ demise.
They can liquidate and pay the tax or hopefully leave the little heap to continue to grow and eat the dividends.
This was many years back now and a serious review is overdue as the asset balances have changed and the individual situations of the recipients are now much different with babies and stuff.

 

[RooFlyer]

. He has now given it up - that was a process in itself.

I didn’t think uncle Sam ever let you go or allowed you to go?

I remember a few years ago a former US citizen (born and grew up there) now an Aussie citizen only, still had to pay or at least send a tax return to the USA every year.

 

[Flyfrequently]

No, I have children, but I am thinking about assets that I consider have more value in continued income stream after I am gone than a one off hit of inheritance. When the inheritance is spent there is nothing more there. A continuing stream of income however can support a home loan for instance, and continue to do so well into the future. When I was in hospital waiting for a diagnosis and unsure I would be continuing to irritate everyone I was struck that I hadn't finished my empire building and concerned it's true value could be washed away with the tide if not handled properly.

Hope things are going well for you now @prozac
Regardless of health issues (more a case of one son in law ) we have structured our "afterlife" as income stream rather than lump sum.
Essentially this trust will have them living off what we draw down at present and that is quite sufficient we believe.
Also, they will have the ability to access larger sums ie for gkids education etc
(not a Lamborghini)

We have discussed this with Flyfrequently offspring, they are ok with it - whether they have discussed it with their partners, who knows!

 

[prozac]

Hope things are going well for you now @prozac
Regardless of health issues (more a case of one son in law ) we have structured our "afterlife" as income stream rather than lump sum.
Essentially this trust will have them living off what we draw down at present and that is quite sufficient we believe.
Also, they will have the ability to access larger sums ie for gkids education etc
(not a Lamborghini)

We have discussed this with Flyfrequently offspring, they are ok with it - whether they have discussed it with their partners, who knows!

Mine will also have the ability to borrow against the real assets. So the bank could lend against a trust asset for a home purchase knowing it had an existing asset stream to help repay the loan. With foreigners pricing our residential market beyond the reach of my children, I see this as their only saviour.

 

[Seat0B]

@admin
I opened another thread for the discussion of wills, trusts, taxes etc so maybe you or the moderators would want to transfer some of the above comments to that thread? It has gone off thread from the original comment about medical issues, and is apparently an area of interest to many.

Wills, taxes and other complications including when family reside overseas

Following on from conversations in the general medical issues thread, I’ve started this as a place for sharing experiences about dealing with the inevitable when family situation is complicated because some family members live overseas. This is intended only to be experience sharing. None of us...

www.australianfrequentflyer.com.au

Post automatically merged: Nov 22, 2023

I didn’t think uncle Sam ever let you go or allowed you to go?

I remember a few years ago a former US citizen (born and grew up there) now an Aussie citizen only, still had to pay or at least send a tax return to the USA every year.

I'll check back with Seat Son and post when I have more details

 

[VPS]

I didn’t think uncle Sam ever let you go or allowed you to go?

I remember a few years ago a former US citizen (born and grew up there) now an Aussie citizen only, still had to pay or at least send a tax return to the USA every year.

I have a friend who was US citizen and renounced it at great effort. Essentially they consider Australian superannuation an asset and want to tax it. Before you can renounce your citizenship you have to be tax compliant which takes a few years and then there is a lot of paperwork and you have to front up at an Embassy in Australia and pay money to complete it.

 

[Bundy Bear]

I went to the doctor on Monday to check and get some antibiotics its been over a week so I didn’t want things to get worse, but come Yesterday afternoon and this morning feeling much worse, I had to take the day off work, sitting outside watching airport arrivals in Brisbane airport, a few 737s but an A330 and an AirNZ 777 just flew past.

Of course, there's also a storage shed full of stuff like all the Olympic uniforms and the things the kids didn't take with them when they left.

What sort of olympic stuff, could you ebay some of it

 

[Pushka]

I went to the doctor on Monday to check and get some antibiotics its been over a week so I didn’t want things to get worse, but come Yesterday afternoon and this morning feeling much worse, I had to take the day off work, sitting outside watching airport arrivals in Brisbane airport, a few 737s but an A330 and an AirNZ 777 just flew past.




What sort of olympic stuff, could you ebay some of it

Uniforms. From a few games plus stuff they gave to the teams. I don't think there's a market but a shame to throw away. Maybe I'll bundle it all up for salvos. No. Not salvos. Another charoty. We also have an Olympic torch as he was part of that. They can fight over that one.

 

[tgh]

My equestrian team shirts are buried away…takes a lot of front ( that I do not have ) to wear stuff like that in public

 

[Quickstatus]

My equestrian team shirts are buried away

Mrs QS still wear her jodhpurs when out tending the ponies

 

[Seat0B]

@admin
I opened another thread for the discussion of wills, trusts, taxes etc so maybe you or the moderators would want to transfer some of the above comments to that thread? It has gone off thread from the original comment about medical issues, and is apparently an area of interest to many.

Wills, taxes and other complications including when family reside overseas

Following on from conversations in the general medical issues thread, I’ve started this as a place for sharing experiences about dealing with the inevitable when family situation is complicated because some family members live overseas. This is intended only to be experience sharing. None of us...

www.australianfrequentflyer.com.au

Hi @support I've been advised to tag you into this request to move posts to the new thread as misunderstood that to be a role of admin.

 

[Buzzard]

Only driven to church on Sundays ...

Not long after my brother in law got it he ended up in palliative care hence the low mileage.
He never returned home.

 

[mrsterryn]

Buzzard I can relate. My father was on walkers (outside and in the house ) . Between his falls and mum's episodes we decided that each one of us needed a car . Husband already had, son had his so I needed to buy one. We specifically bought a two door car so the door could open wide for him and he could back into the seat. Sadly Dad never did get to use the passenger seat as he passed about three weeks after I bought the car.