Marble Arch Wealth Solutions - estate planning - potential tax liability, beneficial ownership, financial assets, unnecessary complications

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estate planning

Estate planning

Estate planning involves the transfer of ownership and control of your assets to those people you would most like to benefit from them.

This should be done in a manner which minimises the potential tax liability as a result of the change in beneficial ownership.

One of the key aspects of the estate planning process is to ensure that you have a current and valid Will. Your Will is the document that describes the transfer of assets that you own independently, to your nominated beneficiaries.

Often some financial assets are overlooked including superannuation (subject to the terms of the relevant super trust deed), insurance (depending on ownership) and assets owned by a trust or company structure.

Succession planning for your businesses

Of particular importance is succession planning relating to a business.

Many business owners fail to consider what will happen to their business should they die, have a long period of illness or suffer a total permanent disability.

It is imperative that individuals have a proper plan for selecting a successor and/or distributing the proceeds of their business. Failure to address these issues can be a major oversight and lead to unnecessary complications for employees and family.