Assignment 2 Maria Penelope started her first job on 1 July 1975. She was born on 1 July 1955. She took a retirement package from the company and left the company on 30 June 2005. She had $1.2 million in her super when she took retirement package – on a golden handshake basis. Then she joined another job and started working. She used the same super which has been on accumulation phase for SG Contribution. At that time, $190,000 was her tax-free component. What do you understand by the tax-free component? Was there any possibility for her to withdraw those tax-free components on 1 July 2005? Give reasons to support your answer. When will she reach her preservation age? What do you understand by preservation age? On 1 July 2016, she likes to withdraw some money from her superannuation. Can she withdraw some amount from her super – Other than Tax-Free Component? Give your reasons to support your answer. She also has a son and a daughter. Her husband died on 30 May 2005. She also has grandkids. What would you suggest her to pass her super (in case it is not fully extinguished until she dies) tax-free to her children and/or grandkids? Assume, she has 1.2 million super on 1 July 2019. Give reasons and show calculations (if needed) to support your answers. Prepare Plan and strategy to advise her in short. When you deal with Maria, for sensitivity and stresses talk as passing on super to grandkids, inheritance for a strategy on above question 1.d How would you communicate with her? Conduct a role-play with any of your friend/family members and transcribe it in the form of oral communication. Maria’s daughter name is Sophie. Sophie is married with Phil. Sophie and Phil have 2 kids. Both are 9 years old. Sophie has health problem. She is always in deep thoughts about her kids and that she could not be very helpful to generate income for family. Maria is very concerned about it. Phil is a nice husband but he is the only income earner in family. 3.a What issues can you find in Sophie’s family for Estate Planning? Write down the issues that you have found. 3.b What would you suggest Sophie and Phil to overcome those issues? Write down your suggestions? Hint: For Question 3.a and 3.b – what if Phil dies, what if Sophie and Phil die, What if Sophie dies, What if all 4 of the family member dies should be considered.
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