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

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ESTATE PLANNING

BY

OLIVER PORTWAY

&

CAROLANNE BARKLA

HEUZENROEDERS LAWYERS


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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


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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?


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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?


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Why bother with estate planning?

  • Peace Of Mind

  • Family Harmony

  • Wealth Maximisation

  • Tax Minimisation


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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?


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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.


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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).


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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?


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Talk with your Financial Advisor

About:

  • Superannuation.

  • Life insurance policies (personal and business).

  • Investment strategies.


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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.


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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?


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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?


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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.


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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.


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Estate planning

  • Peace Of Mind

  • Family Harmony

  • Wealth Maximisation

  • Tax Minimisation

  • Review upon change of circumstances


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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.


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Presented by:

Oliver Portway and Carolanne Barkla

HEUZENROEDERS LAWYERS

Tanunda 8561 1000

Kapunda 8566 3433

Nuriootpa 8562 3355


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