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Are You Prepared for the Truth?

Estate Planning the Right Way - Part 2.



You may not like the idea but that’s the reality. The only question that remains is – “Have you prepared for that eventuality?”.

As we discussed in our previous article – “Dying Intestate. Will That Be You?“, if the welfare of your family and the longevity of your family business is important to you, then you need to take the appropriate measures to ensure that you will leave a sound legacy when you die.

IMPORTANTLY also, is that the matter of preparing for death and disability shouldn’t be restricted to the heads of the family/family business. All family members over the age of 18 need to have the relevant arrangements in place. The series of charts that follow are from InsuranceWatch and show statistics that should concern you and your family if you don’t have the right estate planning arrangements in place:

Image of ostrich with head buried in the sand with caption You Can't Hide From the Truth
The Truth - Chart showing Top 20 Causes of Death - Males
The Truth - Chart showing Top 20 Causes of Death - Females
The Truth - Chart showing the Top 10 Causes of Death - 15-24 Year Olds

The Reality and the Responsibility

The Reality

As already spoken about above, the truth is that we are all mortal. However, we don’t know WHEN we’re going to “shuffle off this mortal coil”. Dare I also say that most of us don’t want to know the “WHEN” though we may wonder about the “HOW”.

Which brings us to the next point. That is, what if your “D-Day” or that of an adult member of your family was tomorrow, or the day after .. or next week? Have you done what’s required to keep the vultures at bay?

Would the family be in a position to cope with the financial aftermath? Would the family business survive or would it, like many others before it, see it plundered by the tax man and/or greedy family members and/or their extended families? Could that same business be swallowed up by industry competitors who could take advantage of your intestacy or that of another family member who is crucial to the ongoing success of the business?

The Responsibility

Whether or not you have sought advice on your estate planning, the responsibility for ensuring that everything is right with that planning is yours and yours alone. The buck cannot be passed to anyone else.

As you are no doubt aware of, governments have a habit of changing the rules on a regular basis. Here in Australia, there is no better example of this than the rules pertaining to Superannuation and Trusts. In this area alone, it pays to conduct a regular review of the relevant Trust Deeds as this will help to avoid any nasty surprises when it comes to distributing assets or income upon the death or permanent disability of a family member.

It’s with this in mind that we thoroughly recommend that if you haven’t already done so, consult with someone who has the expertise and capacity to advise you, your family members and your family business with expert due diligence and knowledge. 

Such expertise goes well beyond being an otherwise competent accountant or solicitor. It extends to being totally cognisant of the laws and “the rules” as well as having the right mindset and personality to be able to know what’s required for YOUR family and to be able to guide you through the estate planning maze. Here at Family Business Advisory (FBA), our primary goal is to help you grow, preserve (protect) and ensure the longevity of your family business. 

What’s needed to ensure that your legacy is built on a solid foundation that will help safeguard the longevity of your family business is the foundation of our business. It’s a complex area with a vast amount of factors that should be addressed when considering what steps to take to secure the future of the family, the family business and its members. However, that’s why we do what we do.

What you are presently reading is the second in a series on “Estate Planning The Right Way”. The first of our articles – “Dying Intestate. Will That Be You” can be read here. Our blog features a series of articles on “How to Future-Proof Your Family Dynasty”- also worth reading.

We shall certainly welcome contact from you at any time. After all ….

“WHEN FAMILY BUSINESS MATTERS” – We’re here to help.

How FBA Can Help You With Your Estate Planning

At Family Business Advisory (FBA), our purpose is to help family businesses succeed on a sustainable basis. As such, we provide you with access to specialist family, business and technical services with a goal being to generate opportunities for families in business.

In order to complement our own particular specialised skills, over the past several decades, we have developed a network of trusted, professional advisers in such areas as:

Image of Services spectrum

Moreover, we work at all times to give you peace of mind and proactive support to help navigate any changes in the market brought about by legislative changes, geopolitical events and general market conditions – all to maximise your personal wealth and security.

These services are provided by FBA, in association with the Wealth IQ Group and Unicorn Consultants.

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