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010-066 - Estate Planning In Family Businesses

Whilst it is very important that all business persons should have prepared a Will and appointed Executors who are capable of administering the Estate and organising the business affairs, in many instances the assets covered by the Will, will only represent a small part of the owner's overall wealth ...Read more
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Whilst it is very important that all business persons should have prepared a Will and appointed Executors who are capable of administering the Estate and organising the business affairs, in many instances the assets covered by the Will, will only represent a small part of the owner's overall wealth or the assets over which the owner has influence.

It is quite possible that the bulk of the wealth of the business owner will be in a Discretionary Trust, Unit Trust or Private company. It is the control of the investments in these entities that is very crucial to ensure the ongoing survival of the family business.

This paper explores a number of estate planning issues as they relate to family businesses, including:

  • Estate Planning Covers A Lot More Than A Will
  • Items To Be Covered In The Will
  • Other Items To Be Considered In Estate Planning
  • Meeting To Consider Estate Planning
  • Professional Advice - Especially From A Solicitor
  • Bankers And Lenders - a suggestion is raised that a business should make an annual declaration to its banker or lender as to the succession planning strategies that have been put in place by the family
  • Financial Planning
  • Superannuation
  • Insurance
  • Estate Planning - Checklist