Estate planning goes beyond having a Will. It involves assessing your assets, considering the taxation consequences, advising you on possible claims by third parties against your estate and helping you to protect your assets for your loved ones.
If you are running an enterprise, such as a business or farm, inevitably one day you’ll have to leave, either by choice or by circumstance. Business succession planning is an important element of your individual estate planning.
We recommend undergoing an estate planning exercise whenever your circumstances in life change, such as:
- Newly married or divorcing
- A change to the family’s asset pool
- A change in working conditions, such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
- Diagnosis of illness
A successful plan is made involving all family members, as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.