Personal Financial Services Essentials for Lawyers

Description

Full Title Copyright Foreword Preface Table of Contents Chapter 1 Superannuation Legislation Superannuation taxation regime Types of superannuation benefits Self-managed superannuation funds Preservation age Conditions of release Retirement Attaining preservation age Attaining age 65 Death Terminal medical condition Permanent incapacity Temporary incapacity Severe financial hardship Compassionate ground Concessional contributions Tax treatment of concessional contributions Division 293 tax Concessional contribution cap Exceeding the concessional contribution cap Defined benefit Non-concessional contributions Non-concessional contributions cap Bringing forward non-concessional contributions Contribution limit exemption for structured settlements or orders for personal injuries Exceeding the non-concessional cap Spouse contribution splitting Spouse contribution tax offset Government co-contribution Low Income Superannuation Tax Offset Superannuation Guarantee Superannuation benefit components Withdrawing money from superannuation on retirement Lump sum withdrawal Superannuation pension Pension transfer balance cap Annuity Chapter 2 Life Insurance Types of life insurance Life insurance Total and permanent disability insurance Income protection/salary continuance Trauma/critical illness insurance Life, general and health insurance Insurance as risk management Reasons that individuals hold insurance Debt cover Income replacement for individuals Expense provision for dependants Medical expenses Avoiding or compensating for distressed asset sales Underinsurance in Australia Underwriting process Group vs individual life Structure of group/non-underwritten cover Insurance structures Held individually Held via a superannuation fund Cross-ownership Premium structures Important clauses and benefit options Definition of monthly benefit — income protection policies Offset clauses — income protection benefits Ability to modify waiting period — income protection benefits Continuation options — life, TPD and income protection benefits Disability definitions — TPD benefits Disability definitions — income protection benefits Stand-alone vs linked benefits Buy back options — TPD and trauma covers Linking benefits inside and outside of super Chapter 3 Social Security Assets Gifting and deprived assets Asset test exemptions Assets subject to charge or encumbrance Income Deemed income Income from annuities/pensions Income banks Waiting periods Ordinary waiting period Newly arrived resident’s waiting period Liquid assets waiting period Income maintenance period Age pension Pension qualification age Rate of payment Disability support pension Rate of payment Sickness allowance Rate of payment Parenting payment Rate of payment Newstart allowance Rate of payment Youth allowance Rate of payment Austudy Rate of payment Carer payment Means testing and rate of payment Carer allowance Concession cards Pensioner concession card Seniors health card Health care card Pension loans scheme Chapter 4 Care and Accommodation for the Aged Retirement villages What are retirement villages? Rules and regulations Initial disclosures Residential aged care guarantee Waiting list fee and holding deposit Cooling-off periods Village rules or by-laws Charge over retirement village property Disputes Preparation of budgets Payments and processes when a resident leaves Financing Entry or ingoing contribution Administration or management charges Departure or deferred management fee In-home care Funding Income-tested fee Means-tested fee — annual and lifetime caps Means-tested fee — interaction with residential aged care Means-tested fee hardship supplement Residential aged care Funding Accommodation payments and contributions Accommodation payments Accommodation contributions Interaction with social security Basic daily care fee Compensation payment fee Means-tested care fee Income component of the means-tested care fee Asset component of the means-tested care fee Index