ACCT2285 - Wealth Creation and Estate Planning - Case study 

Assignment Task

Introductions

You are a financial planner working for Capstone Financial Planning Pty Ltd AFSL. As a qualified financial adviser, a new client Jock and Melisa Leong have come to you seeking advice. They do not want a formal Statement of Advice but want you to address specific issues raised by their circumstances and also in respect of their family members.You are required to read the information about Jock and Melisa and their family situation and address the issues they have raised. You are also to consider any other issues you think they should consider but have not raised.

Case Study Information

Jock and Melissa Leong are in their 70’s. Jock is and Melissa is 71. They have three children, Vincenzo, Ateemah and Wei Shun Jock was a market gardener who grew vegetables but has since retired. Melissa used to work in a nursery until she suffered a back injury and had to retire 12 years ago. They own the farmland outright and now lease out their land to other market gardeners to use. They generate an income of $120,000 per annum from this. They also have rental income from their 4 investment properties of $65,000 after expenses. All assets are owned jointly. They also have a self-managed super fund, and they are both in pension mode. Currently Jock is drawing a pension of $40,000 and Melissa is drawing a pension of $25,000. Jock and Melissa do not spend much and estimate that their annual living costs are $65,000 per annum, and $35,000 per annum on travel. Jock is going to have an ankle replacement in the new year (January 2024), which will cost $8,000 and he will not be able to travel for 12 months. Therefore in 2024 they are not going to be spending money on travel.

Task

• Identify the issues that they are concerned about relating to wealth creation and estate planning.

• It is your task to identify the issues that they are currently concerned about as well as what could affect them in the future.

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