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Succession planning involves considering what you want to happen when you want to retire from a business or when you die.

With proper planning we can assist you to ensure the assets you have worked hard to build up transfer to the right person in these situations with minimal if any tax liability.

If you have not planned properly for succession extracting the full value out of your business may not be possible. Early death is a classic situation where the business may not be able to be sold due to either lack of funding for the proposed purchaser or when the business requires people with certain expertise to run the business and you have not trained anyone to take one this role in your absence.

Dying without a properly drafted Will can put your beneficiaries in a position where tax can severely reduce the net distribution to them.

Some planning tools include:

• Wills
• Binding Nominations
• Insurance
• Written agreements
• Testamentary Trusts

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