Succession Planning
While we do not often like to think about our own death, it is an event that will affect us all sooner or later. To minimise the distress that our death will cause our loved ones, it is essential to ensure that an appropriate succession plan is implemented prior to our passing.
What is Succession planning?
The succession planning process is concerned with the distribution of your business assets, either during your lifetime or after your passing. It involves the creation of a strategic plan for your business and includes tax planning, critical roles and leadership positions, exit strategies, reorganising business interests and family trust arrangements and more.
Effective succession planning can be a complex and emotionally taxing process that has the potential to raise many difficult issues relating to finance, tax and equity. Getting professional help with your succession planning is crucial in guaranteeing your assets are dealt with according to your wishes. It will also take the unnecessary burden of your beneficiaries, and especially in a family business, where your family members don’t need the added distress or disputes after your death.
Our staff are available to provide advice in all areas of succession planning including:-
- Asset Management
- Wills
- Testamentary Trusts;
- Enduring Powers of Attorneys
- Advance Health Directives
