Succession Planning

Succession Planning

A time will come when you may no longer be able to provide financial, health, and emotional support to your family. By creating a well structured succession plan, you will ensure that loved ones are provided for according to your requirements. This may be especially important if you care for dependents with special needs. Contact our experienced team of lawyers today to ensure peace of mind for tomorrow.

Succession planning usually requires your financial planner, accountant, and legal advisers to work together to:

  • Identify personal assets and potential risks to distribution such as early death, divorce, or beneficiary bankruptcy;
  • Design and implement a plan that incorporates your assets and takes into account the accommodation of future changes;

A well balanced plan may include:

  • A legal will and an enduring power of attorney;
  • The appointment of a guardian for infant children;
  • An advanced healthcare directive;
  • The coordination of company, trust, and superannuation structures;
  • Future benefits from your investment in a business;
  • The ability to accommodate changes in law or other circumstances when you die;
  • A tax-efficient structure that addresses the income and Capital Gains Tax, GST, and stamp duty implications of transferring and/or managing assets upon death, retirement or other event;

It is also important to take into consideration other critical events, apart from death, which may include:

  • Mental/physical incapacity – yours or a beneficiary’s;
  • Bankruptcy, business failure, or divorce – yours or a beneficiary’s;
  • Retirement or potential disputes between beneficiaries over the will;
  • Financial Agreements to regulate ownership of assets;
  • Testamentary Trusts, created by your will to come into existence after you die. They enable flexibility as a beneficiary receives the full benefit from your estate, while enjoying asset protection and taxation benefits allowed by a testamentary trust;
  • The use of insurance as an asset in your plan, whether part of business succession to cover debt or income, or to strengthen the wealth of a future estate;
  • Including a retirement plan and investment and wealth accumulation strategies;

If you care for someone with a physical or intellectual impairment, there are important considerations to be aware of when planning for their future. We can customize your succession planning to cover a full range of circumstances, such as:

  • Intellectual illnesses or addictions;
  • Disabilities that occur because of a stroke, Alzheimer’s disease or schizophrenia;
  • Physical disabilities or severe head injuries because of an accident;
  • Those who are incapable of managing their own finances effectively;

If you have a child with cognitive challenges we can help you arrange special disability trusts, capital protected trusts, or a combination of both. We can also arrange superannuation death benefits to your impaired or special needs child.

For over 60 years Finemore Walters & Story have provided caring, hands on advice to thousands of the region’s families, individuals, and institutions. Trust tradition – allow us to help ensure your family is well cared for when you pass on.

Contact Us or call us today at (07) 4153 0000!