ANZ Bank accounts

• 06-0869-0430437-01 - Joint account, all bills, credit card and expense payments come out of this account.
• 06-0709-0425380-01 - Savings account, all savings are in this account. The revolving credit is also attached to this account.
• 06-0709-0425380-00 - Robs Personal account, This account is not really used, other than for Trademe.

Strategy

Currently we are morgage free and pay cash for everything. However, we are burning savings at a rate of $2,000 per month, where monthly expenses total around $6500. This is not sustainable and it needs to be reduced and is likely to sort itself out with Robs no longer creating expenses. This is evedent since Rob stopped riding his bike and the need to continually upgrade had passed.

All expenses are payed for on the Westpac credit cards and paid off in full each month. This is to take advantage of the 55 days interest free period. The credit card is also used to pay for all online purchases and subscriptions. This is to reduce the number of places that have our bank account details and collect airpoints. Robs card is set to expire in August 2023 and will not be replaced.

Robs is currently still being payed by ACC and this will continue until his death. The amount is $4,500 per month and is paid into the joint account.

Trust property

The trust property has a sale and purchase agreement signed, but is subject to finance. The sale price is $1,600,000. The sale is expected to be completed in August 2023. The proceeds of the sale will be split into 3 thirds, amongst the beneficiaries. Robs share will be $533,333.33. This will be paid into the joint account. The trustees have been instructed to treat Sarah and the kids as beneficiaries and to distribute the funds accordingly.

Precision Microcircuits Limited

The sale of the PML seems to be progressing well and is expected to be completed later this year. The sale price is likely to be around $1,500,000. The proceeds of the sale will be split into 3 thirds, amongst the beneficiaries. Robs share will be $500,000. This will be paid into the joint account. The trustees have been instructed to treat Sarah and the kids as beneficiaries and to distribute the funds accordingly.

Providing for the family

It was my intention to setup these two amounts, along with current savings (approx. $200K) into an investment portfolio of some sort. With the main aim to preserve the capital and provide an income for Sarah and the kids. I have not had time to investigate this properly and the discussions around a strategy have not been productive. I will leave it to Sarah to decide what to do with the money. I would suggest that she seek advice from her father and a trusted financial advisor.