Wealth preservation – Let us help you protect your hard earned assets
Wealth preservation has become a significant issue as our lives become increasingly litigious. Both individuals and businesses are at risk of sometimes frivolous claims, so more and more people are ensuring that their assets are well protected.
In simple terms, a wealth preservation strategy separates assets from risks. Traditional strategies involve ‘gifting assets’ or complex ownership structures. Whilst these may be part of the solution, they may not address risks such as taxes and duties (both at the time of transfer and into the future) or provide full asset protection.
When considering your financial plan, it is important to have an expert in your corner to ensure you get the balance right between wealth preservation, tax efficiency and estate planning needs. Each option has pros and cons.
Ask yourself the following questions to help highlight possible pitfalls in your current strategy (or lack thereof!):
Consider the following questions as a starting point for considering the level of wealth preservation you require.
- Have you undertaken a risk management review of your business?
- Have you established business policies and procedures to reduce risk?
- Have you made a note in your diary to review risk management policies and procedures with your staff?
- Have you reviewed your general insurance?
- Do you have appropriate insurance, and the correct level of coverage?
- What is the claims history of your insurance providers?
- How can you reduce the risk of having a claim knocked back?
- In what entity do you operate your business?
- Does the entity provide wealth preservation?
- Is my wealth preservation tax efficient?
- How should personal assets be owned?
- Who are the appointers, trustees and beneficiaries to the trust?
- Are these people at risk personally?
- Who are the directors, secretary and shareholders to companies?
- Do these people understand their roles and responsibilities?
- Are these people aware of the consequences if they fail to act in accordance with the law?
- Have you considered Unit Holders and Shareholders Agreements?
- How the purchaser will fund the purchase?
- Will there be any challenges in obtaining funding in the event of a business partners disability?
We will ensure you have the right plan in place, for you, your family and your business.
Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.