Do you have complex business and Trust structures and are you feeling overwhelmed by how to transfer your wealth to the next generation in the most asset protection and tax effective manner?
Here at Madison Sloan Lawyers, we have worked extensively with clients providing advice and assisting them in putting in place comprehensive estate plans and family succession plans.
A careful examination of your business structures and a review of Family and Unit Trust Deeds is undertaken so that we may obtain an extensive overview of the assets that you own and those that you control.
You may have a disabled child, a child in an unstable matrimonial relationship, a child who is bankrupt or in a profession that carries a high risk of litigation or perhaps a child who is not able to manage their wealth for a number of reasons, including influence or addiction. We chat with you regarding your concerns about your children and advise you of the best way to make provision for them in your Will. This may include making provision for Testamentary Trusts, Capital Protective Trusts or Special Disability Trusts in your Will.
You may also have a blended family where you and your partner have children from previous relationships. We listen to what you would like to happen to the assets you own or control upon your death and assist you with strategies so that your wishes can be documented adequately in your Will.
Your superannuation is also an integral part of an estate plan, so we make sure that you have a current, valid Binding Death Benefit Nomination in place and if you have an SMSF, we review the Trust Deed to make sure the correct Binding Death Nomination is in place in accordance with the provisions of your SMSF Trust Deed.
We also assist you by putting in place your Power of Attorney documents just in case you become incapacitated at a later date.
By putting in place an Enduring Power of Attorney, it allows you to appoint someone to make legal, financial and personal decisions on your behalf in the event that you become incapacitated.
Whilst the Appointment of Medical Decision Maker and Advance Care Directive allows you to appoint someone to make medical decisions on your behalf if you can no longer make them yourself.
A well-documented, comprehensive estate plan may encompass a Will, Binding Death Nomination, Enduring Power of Attorney, Appointment of Medical Treatment Decision Maker and Advance Care Directive.
We have a number of estate planning packages available depending on your circumstances.
The Entrepreneur Package
You might operate your own business (or several) with companies, trust structures and perhaps even your own Self-Managed Superannuation Fund. You have worked hard to accumulate your wealth and you want to transfer it to the next generation in the most asset protective and tax effective manner possible. This package is just for you!
The Blended Mix
Today many families are blended families as a result of divorce or the death of a spouse. We work with clients to take the complexities out of putting Wills in place for couples with blended families. We have a chat with you regarding your circumstances and work with you to put strategies in place to achieve your objective.
Let’s Keep it Simple
This package is perfect for those starting out in life or those with simple asset structures. You may have children, purchased your first home or be winding down or anything in between.
The Powers Package
An essential that everyone should have as each of us could become incapacitated at any time. An Enduring Power of Attorney allows you to appoint someone to look after your financial, legal and guardianship matters in the event that you become incapacitated. Whilst the Appointment of Medical Decision Maker and Advance Care Directive allows you to appoint someone to make medical decisions on your behalf if you can no longer make them yourself.