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 Andreyev Lawyers | 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 Andreyev Lawyers | 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 - 264, 8 - Pass on your wealth (including EP)
How does an older farmer exit farming, fund their retirement and keep the family happy? The average age of a farmer in Australia is 50 years old. If you are a farmer and haven’t yet thought about your retirement and succession plan, now is the time. Handing over...
by ADLV Law Team | 8 - 264, 8 - Pass on your wealth (including EP)
Download our comprehensive guide to controlling your family trust.
by Andreyev Lawyers | 6 - 287, 6 - Build and protect your wealth (including trusts)
The trustee of your SMSF is all-powerful. The trustee decides how much money you can put in the fund, who else can join, how your money is invested, how much gets paid out to you and when, and finally who gets what’s left over when you die. So how do you ensure the trustee of your fund continues to do the right thing when you can no longer be involved? There are a number of strategies you need to have in place
by ADLV Law Team | 8 - 264, 8 - Pass on your wealth (including EP)
How do I ensure that the assets in our “family trust” end up being shared among my children in a fair and appropriate manner? How do I pass control of my trust to the next generation, or control over specific assets? What are the tax consequences of passing on trust assets now, or when I die? Find out here.
