Personal Financial Services Essentials for Lawyers

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