Losing a partner is an incredibly difficult time, and receiving a lump sum through an estate or

Losing a partner is an incredibly difficult time, and receiving a lump sum through an estate or superannuation benefits can bring a lot of important financial decisions. It is essential to understand where the money has come from, what assets are involved, and whether any tax exemptions or strategies may apply before making any decisions. Many people who receive these benefits have not previously been closely involved in managing the family finances. When their partner passes away, they may suddenly need to navigate superannuation, investments, businesses, and other financial decisions on their own. For example, there may be situations where a deceased partner owned a business, had a self-managed super fund, or held property connected to that business. Understanding what options are available can make a significant difference. Certain small business capital gains tax exemptions may apply, but there can be time limits around accessing these options, so getting the right advice early is important. For those under age 60, receiving death benefit pensions may sometimes provide an ongoing income stream to help maintain their lifestyle and create stability after losing their partner. It is also important to consider the longer-term plan, including whether contributing to superannuation, accessing super at the appropriate time, or building investments outside of super is the right approach. There is no need to rush into major decisions during such a challenging period, but some choices do have timeframes that need to be considered. Working alongside your accountant, solicitor, and financial advisor can help create a plan that considers your tax position, your income needs, and your financial future. General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Amy Lehmann is an Authorised Representative(No. 1292710) of AFSL 495401.