ESTATE PLANNING AND ADMINISTRATION
Succession planning is commonly referred to "estate planning." "Estate planning" is, however, a misnomer in some ways - because succession planning incorporates not only your "estate" but also the care of your children and dependents, your business and importantly - you.
The following are a few examples of the types of "planning" which we consider when meeting with clients:
Planning for your incapacitation - which entails appointing a Power of Attorney for Health (Queensland)/Enduring Guardian (New South Wales). We recommend including Advanced Health Directive terms directly into your terms of the Powers of Attorney, although you can create a separate Advanced Health Directive should you wish. We deal with this topic more fully on our Powers of Attorney Page (click the underlined text and you will be redirected automatically).
Planning for the succession of your business in the event of incapacitation (if applicable) - which entails considering buy sell agreements, partnership agreements, key man insurance and automatic buy out rights.
Planning the protection of your children and dependents - which entails appointing Guardians to watch over your loved ones. We deal with this topic more fully on the Guardians Page (click the underlined text and you will be redirected automatically).
Planning for your death - which requires consideration of what your end of life wishes are. In other words, do you wish to be cremated or buried. What funeral or memorial arrangements do you wish to be employed, and other similar matters which are often difficult for your family to decide on their own.
Planning for the distribution of your wealth - which mandates an examination of how you hold your assets (in your own name, in superannuation, in Trusts, in Companies, in partnerships, in joint tenants, in tenants in common, in Australia, overseas, etc). A Will is not the only answer, and should not be considered the only vehicle which may be required.
Planning for the protection of your inheritance to your nominated beneficiaries - which considers whether your beneficiaries are exposed to risk, or would benefit from tax planning within the terms of your Will or succession vehicles. We refer you to our Wills and Testamentary Trust Page for further discussion of these points (click the underlined text and you will be automatically redirected).
We publish articles on various aspects of Succession Planning and welcome you to view our Articles Page.
If you would like to speak to one of our Estate Planning Team, please contact our office on (07) 5574 3560 or email email@example.com.
ARTICLES ON ESTATE PLANNING AND ADMINISTRATION
If you hold real property with another person, it is important to know whether you hold the property as joint tenants or as tenants in common. What’s the difference? A joint tenancy is where two (or more) people (or legal entities) own an asset jointly – that is 100%...read more
Can an employee acquire a residential property as an investment in the employee’s Self Managed Superannuation Fund (SMSF), if the employer is a property developer?
Answer: Maybe, maybe not. This question asks whether an employee is a related party of their employer (or the employer a related party of the employee’s SMSF) for purposes of Section 71 Superannuation Industry (Supervision) Act 1993 (SISA), in respect to the In-House...read more
The release of PCG 2016/5 comes as no surprise, which follows on the back of the Australian Taxation Office (ATO) publications ATO ID 2015/27 and ATO ID 2015/28, which set the tone for related party Limited Recourse Borrowing Arrangements (LRBAs). The ATO’s 2015...read more