Estate and
Succession Planning

Estate Planning

Let’s face it, death is not something most people want to think about let alone plan for. But you’ve worked hard to accumulate your wealth, so it makes sense to take the time to carefully consider how your assets can be passed to your loved ones in the most effective way. 

Estate Planning is more than just a Will, in reality for most people their largest assets aren’t necessarily dealt with via their Will, such as superannuation. So it’s essential to get advice and consider all your options to ensure the right assets pass to the right people, at the right time in the most tax effective way. 

A comprehensive estate plan should:

  • Give you certainty as to how your assets will be managed if you are unable to look after your own affairs.
  • Establish how and when it’s best to distribute assets to your loved ones.
  • Cater for the current and future needs of your beneficiaries.
  • Protect your assets so that they pass to the right beneficiaries at the right time.
  • Allow your beneficiaries to legally reduce capital gains liabilities on assets and reduce or eliminate tax on income generated from their inheritance.
  • Allow you to minimise or avoid death benefits tax when distributing your superannuation benefits.
  • Protect your beneficiaries’ inheritance in the event of divorce or bankruptcy.
  • Guard against undue waste and extravagance due to spendthrift tendencies, age, mental health, drug addictions, gambling or other vulnerabilities of a beneficiary.
  • Distribute your assets to your intended beneficiaries, not to an in-law or former spouse, for example. 

Our advisors work closely with your solicitor and other professionals to help you navigate the complexities of planning the distribution of your estate to ensure all aspect of taxation, financial and legal matters have been considered and dealt with appropriately to give you peace of mind and your beneficiaries the best outcome.   

Connect Financial Planning Services is a Corporate Authorised Representative (No. 1263442) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services Licence No. 223135

Succession Planning

You might not be thinking about it yet, but at some stage you will decide to leave your business. You may decide its time to sell, or hand over to the next generation, you may retire or do something else. Whatever the reason, it is essential to plan early how you will exit your business, to ensure a smooth transition to the next stage of your life.   Early planning ahead of time means you will have a plan in place to maximise the value of your business and can be useful if there is an unexpected event, such as illness or death. 

A comprehensive succession plan should consider:

  • the successor; 
  • family member(s), business partner, existing staff, other succession type; 
  • partial or full time frame key personnel changes and skill retention strategies restrictions legal considerations; 
  • buy-sell agreement, reference to a Will risk management communication strategy financial considerations;
  • retirement income;
  • sale price; 
  • tax implications.

Our advisors work closely with your solicitor and other professionals to help you explore your options and develop a plan that is realistic, achievable and tailored to suit you and your business. A carefully thought out business succession plan means you’ll maximise the return on your hard work over the years and leave on the best possible terms. 

Estate & Succession Planning