Wealth & Succession Planning

Providing for the deaths of family principals

The mortality of us all adds an additional and very important layer to wealth & succession planning. That is, any planning should consciously be done against the backdrop of how a person desires their family wealth should be owned and controlled after their death. A current will is one aspect only (although a very important aspect) of the whole range of considerations and steps involved in estate and succession planning. Some of the most important of those are listed below.

During principals’ lifetimes

Minimising taxation to retain more income and capital is just the start of the process of wealth accumulation and succession. The process is an ongoing one and it typically involves a wide range of issues:

  • the most appropriate structures in which to hold assets
  • likely future income tax and CGT implications
  • minimising risks (e.g. quarantining the ownership of assets from business risks)
  • control by the family principal
  • providing for the unexpected, such as an accident or incapacity
  • the potential impacts of family law
  • reasonable security in the event of a significant financial setback
  • avoiding unduly complex arrangements.

Such a wide range of issues demands a wide range of skills to address them. Tax Strategies has these specialist skills and the experience to design outcomes in a way that balances the various elements requiring consideration.