Q Solicitors

"Everyone who does not work has a scheme that does."

Munder's Law

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As a legal firm, Q Solicitors plays a professional legal role in our clients' personal and business affairs.  However, there are specific areas in which we cannot assist, which is why we have formed strategic alliances with a number of complementary professional service providers.

Each of these professionals have their own very specific purpose, be it financial planning, estate planning, self managed superannuation fund planning, investment broking, insurance broking, or mortgage broking.

We have recently been working with a financial planning business called the BKO Group and are quite impressed with what we see. Their focus is on strategic planning rather than ‘selling' investments and as they operate on a ‘fee for advice' basis, rather than commissions, we feel they may be a good fit for a number of our clients. We've asked their senior partner, Michael Bailey to contribute to this newsletter....

Michael Bailey, Director, BKO Group

Like eating healthily, exercising regularly and achieving a good ‘work life balance', taking control of your financial affairs is often easier said than done. So often things that are annoyingly ‘urgent' take priority over your most ‘important' objectives and it can be hard to take the time and make the effort to start the journey.

A good planning firm will aim to get your financial house in order and keep it that way, forever; and that is a good place to start.

Money for most people is the fuel that propels you on life's journey.  It allows things to happen along the way to your ultimate destination, but also determines the quality of the ride.  

The real knack is to work out where you want to end up and what you want to see and do as you progress toward your own very personal goals. Once you can picture what you want, it's time to take stock of what you have accumulated thus far. For some it's a case of organising and protecting existing wealth.  For others it is accumulating medium and long term money and protecting family and loved ones if things go wrong.  

A time line for the journey is essential, as is some flexibility, but time not only sets deadlines, it also is a determinant of the level of investment volatility you may sensibly embrace. Typically, cash and fixed interest is the only place for a 1-2 year horizon, whilst property and shares may reward the investor with 10 years or more ‘up their sleeve' time to recover if things don't go as expected.

Legislation, if understood and used well, can be your friend. Franking credits from tax paid dividends are a risk free top up to any portfolio, especially in a superannuation or pension environment, and even better controlled in a self managed fund. Allowable tax deductions, salary sacrifice and accessing super whilst still working all play their part.

And never forget the power of compound interest.

Overarching all this is the need for a rigorous and disciplined process covering strategy development, investment philosophy, risk management, estate planning and ongoing review.

For many it is ‘too hard' but for those who chose to partner with a professional adviser, keeping on track isn't too difficult.

If you like the sound of this brief overview and would like an introduction from Q Solicitors, I'd be happy to invest an hour of my time with you.

Michael Bailey, Director, The BKO Group

Authorised Representative Hillross Financial Services Limited AFSL 232705

"A lawyer has a lot in common with a carpenter.  For instance, a lawyer can file an affidavit, chop logic, frame an indictment, bore a court and chisel a client.

(Extracted from "The World's Best Lawyer Jokes" by Edward Phillips)

JOHN:  Trustee Companies will prepare my Will for free

Q SOLICITORS:  True.  However, they may require you to appoint them as an Executor and it is likely they will charge a percentage of the overall estate to administer it.  This can run into thousands of dollars.

LISA:  I have a Will already, so I don't need to think about it.

Q SOLICITORS:  False.  What has changed since you signed your last Will? For example:-

Have you since married? Have you divorced your partner? Perhaps you have had children? Bought or sold real estate? Have you started a business? Have any beneficiaries passed away?

These matters all need to be taken into consideration.

DEBRA:  I can nominate a beneficiary in my Will to receive my superannuation.

Q SOLICITORS:  False.  Your Will is the wrong place to nominate a superannuation beneficiary.  This must be done in your superannuation policy.  Even when you have nominated a beneficiary in your policy, the Trustee of that superannuation fund may be able to decide to leave your superannuation to some other person.

If you have any questions regarding making or updating Wills, click here.

You're invited to attend the Rotary Club of Fortitude Valley's Gala Cocktail event aptly entitled

at Lightspace, 30 Light Street, Fortitude Valley

on Saturday 14^th May, 2011

from 7.30pm till late.

Entertainment will be provided by the funky and energetic 6 piece band Groove Elements along with pole dancing trio from local gym Girlfriend Fun & Fitness (as seen on "Australia's Got Talent").  Tickets are just $95 pp and guests are invited to purchase their Thrifty Chic attire from local op shops, then donate them back following the event.

There are hundreds of chances to win prizes from the $10,000 prize pool.

The event is sponsored by IGA New Farm, Clayfield House and Girlfriend Fun & Fitness with proceeds going to Under 1 Roof, a community partnership launched in 2006 with a view to ending homelessness in Brisbane. 

For more information on how to purchase tickets visit www.thriftythreads.com.au.  Q Solicitors is proud to support this important community event.

Do you have any legal questions you would like to ask?  Perhaps you would like us to discuss a particular topic in our next newsletter.  Let us know how we can help by sending an email to:  enquiries@qsolicitors.com.au

Click here to catch up.

"Feeling gratitude and not expressing it, is like wrapping a present and not giving it."

William Arthur Ward

Regards,

Q Solicitors
9/14 Macquarie Street Teneriffe QLD 4005
Phone: 07 3358 2399
Email: enquiries@qsolicitors.com.au
Web: qsolicitors.com.au