If you had 6-12 months to live - Aussie Stock Forums

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  1. #1

    Default If you had 6-12 months to live

    Hello all.

    A very good friend of mine has recieved a diagnosis about a month ago. He's been given 6-12 months before the cancer is expected to carry him through to the other side. The news hit like a freight train and we are all devistated.

    I would really like to help him and his wife out by making sure all of their financial affairs are in order. Let me make it clear I am not asking for financial advice, but just some examples people might know that are "got ya's". For instance, I have heard that there is a heafty tax on inheritence. So with that in mind, it would be wise for him to seek advice on assets or funds that he can legaly transfer into his wifes name now?

    They don't have much, and have lived a generous and modest life chosing to make sure those around them are taken care of before themselves. For the last decade at least, he has been on a disability pention and I would be surprised if total combined estate between him and his wife exceed's $500,000.

    I relise this does not have much to do with stocks and trading, but I have found all of you people very wise when it comes to money/tax/planning. I am contemplating paying for them to speak to a financial advisor but I am not sure if thats the best person to speak to with this kind of thing. Also, because most of them charge quite a lot it would be good to know what KIND of things we should be asking about. Any opinions would be appreciated.

    VeryGreen - VerySad.

  2. #2

    Default Re: If you had 6-12 months to live

    Quote Originally Posted by VeryGreen View Post
    ... VeryGreen - VerySad.

    My experience ...

    My father died first, leaving all his worldly goods to my mother in a ""Standard Will""
    She was on the same Will leaving all to him,... or on the double death,
    all to be divided equally to all surviving children.

    I believe that the Red Cross will make a free Will in return for a bequest.
    Don't quote me as it has been some time since I saw that offer.

    I wish never again, in my entire existence, to deal with a lawyer.
    But that is in your court.

    Re hefty tax, .... I think you have heard wrong.

    No need to entertain any opinion on tax matters.
    The tax man is very friendly, until you break the law.
    You can visit the ATO website, or ring, or visit an ATO office, or write by snail mail.
    (I didn't ever see an email address though!)

    Hope this helps!

  3. #3
    short- to medium-term trader pixel's Avatar
    Join Date
    Feb 2010
    Perth, WA

    Default Re: If you had 6-12 months to live

    For instance, I have heard that there is a heafty tax on inheritence.
    Commiserations to both your friends. It is devastating news and your help can certainly take some weight off their shoulders. However, tell them not to worry about any tax issue:
    There is no inheritance duty or gift duty in Australia. You won’t pay any tax on the $300,000 you receive as an inheritance and no tax is payable by yourself or any recipients if you give the money to other people.

    The only situation where you might be caught out is if the money is in fact part of a superannuation death benefit received from anyone other than a spouse, or someone classified as a “tax dependant”. In that case some tax may be payable on the Taxable Component. [...] anyway, any such tax could be paid by the deceased estate before any money is passed to you.

    Read more: http://www.smh.com.au/money/super-an...#ixzz3BysIDyJl
    According to the above, the widow won't pay any inheritance tax.

    The only consideration my wife and I have arranged a long time ago: our bank accounts and shares are registered in joint names with either one sufficient to sign.
    (For historical reasons, one Trading account and associated Bank a/c is in my name, albeit with the qualification "atf xyz Family Trust"; that would be easily changed and I'd definitely make arrangements should I receive a verdict like your friend. )
    Last edited by pixel; 1st-September-2014 at 01:49 AM.
    Artificial Intelligence is no match for Innate Stupidity.

  4. #4

    Default Re: If you had 6-12 months to live

    Quote Originally Posted by burglar View Post

    My experience ...
    Your experience is like gold to me mate. Thank you for sharing your experience. I thought inheritence was like maximum tax but like you've suggested I will check with the ATO. Understand fully what you say about dealing with lawyers. Its kind of what I am hoping to avoid by helping them get everything sorted in his last days.

    Thank you kindly for your reply.

  5. #5
    skc's Avatar
    Join Date
    Aug 2008
    The dark side
    Blog Entries

    Default Re: If you had 6-12 months to live

    Very Green,

    Sorry to hear about your friend and good on you for helping him out.

    A few random thoughts come to mind.

    - Check if he has any insurance cover. May be through work or health insurance or super that he may not even be aware of.

    - Check with his superfund on how that can be accessed after his passing.

    - Estate transfer can sometimes take longer than desired. So anything liquid and without captial gains tax implications (e.g. cash) should be transferred to the wife earlier (may be now). Assets with capital gains tax implications will need different considerations.

    - Leave enough for furneral plans.

    - If the husband is the one who normally looks after household finance... budgeting, paying bills, net banking, paying mortgage... make sure the spouse is up to speed so she's not overwhelmed.

    I hope he is able to make the most of what is left, and perhaps what is left is more than what they have hoped.

  6. #6

    Default Re: If you had 6-12 months to live

    Quote Originally Posted by skc View Post
    - If the husband is the one who normally looks after household finance... budgeting, paying bills, net banking, paying mortgage... make sure the spouse is up to speed so she's not overwhelmed.

    That is an important point, my father in law passed away suddenly, the mother in law had no idea of the state of finances.
    It turned into a nightmare.
    Allow for the worst, hope for the best.

  7. #7

    Default Re: If you had 6-12 months to live

    Very Green, you sound like a great friend to have at such a time. I'm very sorry to hear about your friend's diagnosis.

    SKC has offered practical and useful comments.

    Unlike some others, I'm not anti-lawyer. They are not all out to fleece you and can in fact save you much grief. An enquiry via receptionist for fixed fee short interview with someone who has expertise in the area should cost no more than about $150 and ensure you have the necessary understanding. I wouldn't go to a financial planner initially at least: just possible they will see it as an opportunity to sell the widow some product or other.

    Your friend is on a DSP so perhaps also talking with a Centrelink Financial Services Officer (free of charge) would be a good way to get unbiased advice about how the widow will be affected by her husband's death. You don't say whether she works or has an income herself.
    Agree also about checking that the widow will be able to manage the finances: far too many women leave it to their husbands.

    All the best and good on you for your caring and kindness.

  8. #8
    Ijustnewit's Avatar
    Join Date
    Jan 2009
    overlooking the derwent

    Default Re: If you had 6-12 months to live

    My best wishes are for you and your friends , as Julia as above has again given some great pointers. I also would like to say that a visit to a financial adviser at this stage would not be a good idea. Also I would also say as above a good starting point is start dialogue with Centrelink .
    Also start a diary on this matter and write down everything as it happens including people you have talked to and their contact details. This becomes a most valuable tool when looking back on matters . If you go to meetings with any of the people others have advised to see , take notes and then immediately enter these into the diary.
    Also having lost my father suddenly as a very young man and having to deal with his estate taught me endless lessons.
    Again as others have said, my mother left all the financial matters to him . It was what happened back in those days. He didn't have a will , the car was only in his name , he had numerous credit cards only in his name. He had subscriptions to various things in his name. I could list a another page of what had to be undone after he passed.
    So my advice is to think ahead and start transferring things into the spouses name and finding out what mailing lists and the like the person is on and making plans for that. It's often very upsetting for the one left behind to receive a letter out of the blue from a business saying for example that you haven't bought tickets in their lottery or are due for things like you're eye test.
    All the best to you and your friends.

  9. #9

    Default Re: If you had 6-12 months to live

    Life can deal us all some rotten hands. Good luck getting affairs in order for your besties, you are a pearl in a sea of marbles.

  10. #10

    Default Re: If you had 6-12 months to live

    Very Green, my sympathies to you. It is a difficult place to be at.

    I am in a similar situation. A relative of mine has cancer and won't make X-Mas. Her brother passed away recently too (cancer as well).

  11. #11


    Words like - Courageous, Brave & Honourable, come to mind.

    Brittany Maynard will die on November 1 in Oregon after choosing to end her life due to a brain tumour

    BRITTANY Maynard knows she is going to die on November 1, however she says there is “not a cell in my body that is suicidal.” The 29-year-old explains why she has decided to die.

    After experiencing a spate of headaches, Ms Maynard was diagnosed with a brain tumour in January.

    She was told she would have a maximum of 10 years to live. But after more tests it was discovered that the brain tumour she had was growing rapidly.

    Ms Maynard was told that she had glioblastoma, the deadliest form of brain tumour and given just six months at most to live.

    She believes ending her life is her best option. So she spoke to her husband, Dan, and the rest of her family and the couple moved from San Francisco to Oregon, one of five US states that have “dying with dignity” laws.

    Ms Maynard said it took a while to get her family on side with her decision but that they are now fully supportive of the brave woman’s choice.

    “Those who love you are never going to jump on board right away,” she told US ABC News. “We all just realised that I am terminally ill and I’m dying and I would just prefer to die with less pain and less suffering.”

    “I can’t tell you the amount of relief that it provides me to know that I don’t have to die the way that I have been told that my brain tumour will take me on my own,” she said.

    Ms Maynard has chosen November 1 because it is her husband’s birthday the day before and she wants to celebrate with him one last time.


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