My SMSF. Would you like children with that?
The possible increase in self-managed fund members from 4 to 6 from 1 July 2019 has meant more enquiries whether it is worthwhile to have children as members of the parent’s or ‘family’ SMSF. The options are: should the kids join the fund, have their own or go elsewhere to an industry or retail fund?
Let’s face it, on the positive side, SMSFs are an outstanding way of building retirement wealth and, if done properly, can boost the financial literacy of all members regardless of age. So why not have one exclusively for the whole family?