Family Succession Planning

Why Personal Succession Planning?

If nothing else, for peace of mind.

A Will is the only document that you will ever execute which will control all of your affairs - financial and personal.  Why not take a little extra time to do it well?  Why not do it a little smarter than others?  Why not save your beneficiaries after-tax dollars?

Indeed, why think about what you can do for others when you can ask: what has someone else done that will impact upon you?  Has someone within your sphere of influence taken a little extra time to get their succession right so that you can have peace of mind?

The death of a family member is traumatic enough without having to endure financial hardship or uncertainty which may follow from that person’s death.  The implementation of a Tax Effective and Asset Protective Will not only minimises any tax payable by the deceased’s estate, but will also provide real after-tax financial benefits for the beneficiaries.  This can be a financial saviour to a beneficiary and their family.

A Tax Effective Asset Protective Will should be the culmination of a number of tax‑effective estate planning strategies and may include the establishment of a testamentary trust (or trusts), the tax‑effective distribution of the assets of the deceased’s estate, effective distribution of long service leave, annual leave, and superannuation monies.

The drafting of a Tax Effective Asset Protective Will is not a “one size fits all” procedure.  The individual circumstances of each person must be considered and their personal objectives catered for.

To whet your appetite, Argyle has developed a Commercial Tax Effective Will, the terms of which are designed to establish an effective on‑going investment vehicle, and an Asset Protection Tax Effective Will where, if protection of the family assets is the main estate planning goal, a Tax Effective Will is tailored to achieve this objective.

Is death the last and greatest tax avoidance scheme?

In many ways, yes, provided that you are aware of and can act upon the opportunities.  A well-planned estate and properly drafted Will can provide lawful and easily obtained tax minimisation benefits for all of your assets and all of your beneficiaries.

Why a tax‑effective Will?

Peace of mind in knowing you have done all that you can to ensure the on‑going financial security of your family.

For further information or enquiries how a Tax Effective Will may be of assistance to you, or your clients, please contact Argyle.