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ESTATE PLANNING. BY OLIVER PORTWAY & CAROLANNE BARKLA HEUZENROEDERS LAWYERS. Disclaimer .

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estate planning

ESTATE PLANNING

BY

OLIVER PORTWAY

&

CAROLANNE BARKLA

HEUZENROEDERS LAWYERS

disclaimer
Disclaimer
  • The Contents of this presentation are for general information only. They are not intended as professional advice. For that you should consult a solicitor or barrister, or other suitably qualified professional.
  • © HEUZENROEDERS LAWYERS
estate planning3
Estate Planning
  • Do you want to be fair to your children and avoid family conflict ?
  • Do you worry about losing control of the farm and/or family business?
  • Have you planned for changes in the family structure?
estate planning4
Estate Planning
  • If I died tomorrow would I leave behind a mess for my family?
  • Should I be organising a succession/retirement plan & is the plan practical?
  • Should my family members complete a family questionnaire?
  • Is our business structure right for us?
  • Is our asset ownership appropriately structured?
why bother with estate planning
Why bother with estate planning?
  • Peace Of Mind
  • Family Harmony
  • Wealth Maximisation
  • Tax Minimisation
what happens to my estate when i die
What happens to my estate when I die?
  • Do you have a Will?
  • Is it the ‘right Will’ for your needs?
  • Does your Will take into account fair & reasonable treatment of beneficiaries, as opposed to equal treatment of beneficiaries?
  • Does your estate provide enough financial support for your dependents?
  • Have you considered other Advance Directives in case of mental or legal incapacity prior to death?
what should i do
What should I do?
  • Talk with professionals – lawyer, accountant & financial advisor.
  • Talk with family.
  • List your options.
  • Develop a plan.
  • Communicate the plan.
  • Implement the plan.
  • Evaluate the plan.
talk with your lawyer
Talk with your Lawyer
  • Review your Will or obtain a copy of your Will.
  • Review any other legal documents held by your lawyer, accountant & financial advisor.
  • Ask your lawyer about treating family members fairly rather than equally.
  • Is the Will practical and useable?
  • Does you Will suit your family needs?
  • Ask your lawyer about testamentary trusts (life interests and discretionary trusts).
talk with your accountant
Talk with your Accountant
  • Review your business structure – ask the accountant to summarise the structure and prepare a flow chart.
  • Are there loans, capital or beneficiary accounts that need to be reviewed, especially if a company or trust is involved?
  • Can your business structure be simplified?
  • What are the advantages/disadvantages of various structures?
talk with your financial advisor
Talk with your Financial Advisor

About:

  • Superannuation.
  • Life insurance policies (personal and business).
  • Investment strategies.
talk with your family
Talk with your Family
  • What are their goals, objectives and expectations?
  • Communication is the key. Full and frank discussion! Consider using a facilitator to protect family relationships from damage.
  • A family meeting or series of meetings may be required, or a family questionnaire may be a starting point.
list priorities
List Priorities
  • Secure retirement for senior generation.
  • Ensuring future security for younger generation?
  • Treating children fairly (not necessarily equally).
  • Who will participate in the business? In planning?
  • Setting out a future structure for the family business?
  • Insurance choices?
  • How & when will management be transferred?
  • Planning for contingencies such as death, injury and divorce?
develop your plan
Develop your plan
  • Write down ideas & preliminary plans.
  • Consult with the professionals again to consider all aspects of the plan.
  • Have you incorporated their ideas, and also suggestions from your family?
  • Has the family reviewed the draft plan and provided feedback?
communicate your plan
Communicate your plan
  • Put your final plan in writing.
  • Distribute the final plan to other family members and ask for feedback.
  • Consider “road testing” your plan to identify any potential issues – tax/stamp duty etc. Use the worst case scenario.
put your plan into action
Put your plan into action
  • Have you updated your Will to reflect your plan?
  • Have you put in place other Advance Directives?
  • Have you implemented a Family Agreement?
  • Have you updated your life insurance and superannuation needs to reflect your plan?
  • Have you implemented business structure changes?
  • Evaluate the plan.
  • Review the plan when circumstances change.
estate planning16
Estate planning
  • Peace Of Mind
  • Family Harmony
  • Wealth Maximisation
  • Tax Minimisation
  • Review upon change of circumstances
basic checklist for seeing your lawyer
Basic checklist for seeing your Lawyer
  • List of all family members and their roles in the business/farm.
  • Flow chart of business structures and list of each person’s interest in the business.
  • Any legal documents related to the business.
  • Copy of your preliminary plan.
  • Accountant’s name & telephone number.
  • Financial advisor’s name & telephone number.
slide18

Presented by:

Oliver Portway and Carolanne Barkla

HEUZENROEDERS LAWYERS

Tanunda 8561 1000

Kapunda 8566 3433

Nuriootpa 8562 3355

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