Family wealth and business succession is an important topic for high net worth individuals. They need to make sure that their assets are protected and that the family legacy continues. For many of these clients, the stakes are high.
Specialist family wealth lawyers like Burgess Thomson are here to help. We work with these clients across a number of areas including estate planning, asset protection, tax minimisation, and much more. So what are the key considerations when it comes to family wealth and business succession?
Family Wealth Succession
Individuals with high-net-worth require quality and professional estate planning advice to ensure that their wealth is protected in an appropriate manner. The best way to preserve family wealth and to protect your family’s financial future is to plan ahead. This allows individuals to rest easy knowing that their wealth is protected and will be managed according to their wishes in the event of their death or incapacity. Formulating and implementing a plan early is the best way to allow asset and wealth protection to occur according to your wishes. Burgess Thomson can provide quality and professional advice and assistance for the preparation of wills, testamentary trusts, powers of attorney and appointments of enduring guardian catering for your unique situation. Whilst protecting your assets after your death is of importance, it is also key to ensure assets are adequately protected during your lifetime. Burgess Thomson are able to assist with asset protection strategies, advice and support regarding business structure and advice on superannuation law including implementation of self-managed superannuation funds. We can advise you of the benefits and risks of varying options, helping you to make an informed decision that best meets your unique needs and circumstance. Our expertise will ensure that your family’s wealth is protected and preserved.
After the hard work and sacrifice business owners employ to establish and grow their business, it is important that they plan for the future to ensure continuation of the business as they envisage. Data shows that over 65% of family businesses fail when passed onto the second generation. This can be avoided through the implementation of an effective business succession process. Business succession involves implementing a long term pre-agreed plan to ensure that businesses survive and have the ability to undergo leadership transitions without the disruptions of differing family priorities and unexpected costs. Business succession planning supports family businesses allowing business owners to retire or to rest easy knowing that the business is protected in the worst-case event of their death or incapacity. Business succession planning can be complex and unique in each situation, particularly when considering who may be suitable to take over the business. A good succession plan requires foresight and thought, and involves consideration of what the business needs now, and also what it will require in the future. Burgess Thomson are well equipped to assist individuals, their businesses and their families to arrange a unique Business Succession Plan that caters to the business and people involved.
If you are interested in family wealth or business succession, the friendly team at Burgess Thomson can assist to ensure your wealth is adequately protected and passed on.
Our areas of expertise include:
- Wills and Testamentary Trusts
- Appointment of Enduring Guardian and Power of Attorney documents
- Shareholder Agreements
- Buy/Sell Agreements
- Advice and support on business structuring
- Company Power of Attorney
- Asset protection
- Personal estate planning