by ADLV Law Team | 6 - Build and protect your wealth (including trusts), 8 - Pass on your wealth (including EP)
When it comes time to make an Estate Plan, most people have at least some idea who they want to give their wealth to. In many cases, they first want to give it to their partner, and then after their partner dies, they want to share it equally among their children. This is what we call the ‘standard’ or default choice.
For families with considerable wealth, there is one more ‘layer’ of planning you must consider. This is the scenario if one of your children dies, either before or after inheriting.
Once again, there tends to be a default in this scenario, that is, the children of your child (i.e. your grandchildren) will take their parent’s share. In this manner, the wealth passes down your ‘family’s bloodline‘.
This sounds simple and appropriate, but it does raise several critically important issues – that justify more thought.
by ADLV Law Team | 1 - 313, 1 - Start, expand and raise capital for your enterprise, 6 - 288, 6 - Build and protect your wealth (including trusts), 8 - 264, 8 - Pass on your wealth (including EP)
A farm trust is a discretionary trust that is used to own land for primary production while also providing flexibility so the property can eventually be transferred to other family members. Asset protection, tax efficiencies, and ‘controlled succession planning’ are the key benefits of a farm trust.
by ADLV Law Team | 7 - 338, 7 - Deal with your real estate (property law), 8 - 264, 8 - Pass on your wealth (including EP), 9 - 305, 9 - 306, 9 - Deal with a deceased estate (Administration), PodCasts
If you are a family advisor or you are personally thinking about how you can keep family harmony in check when the next generation of your family steps up to the plate, this episode is a must-listen for you.
by ADLV Law Team | 8 - 265, 8 - Pass on your wealth (including EP)
As part of your end of life plan it is a good idea to appoint someone to make health or medical treatment decisions for you, if you become unable to make such decisions for yourself. It is also important to identify what your values, life goals and preferred outcomes are so the person appointed to make those health and medical treatment decisions can ensure their decision making is in line with your wishes.
by ADLV Law Team | 8 - 264, 8 - Pass on your wealth (including EP)
If you are young, single and in good health, making your Will is often not front of mind. Your priorities may be more closely aligned to completing your further study, career progression and monitoring the seemingly endless growth of the housing market bubble.
by Bailey Selth | 8 - Pass on your wealth (including EP)
Learn about estate planning and the challenges of managing loans between family members. Control your financial legacy.
