Succession & Estate Planning 

Proper Estate and Succession

Planning Factors

Succession planning isn’t as simple as some may believe.

Understanding how assets are held, protected or grown including taxation and business issues is essential to a proper plan. . Don’t be fooled by those that promise that succession and estate planning is easy.

Use our guide to make sure that all aspects below are covered or contact us for a no obligation independent review or discussion.

Our inclusive approach focuses on three aspects

  • The needs of the family
  • The shareholders or stakeholders in non-family business
  • The assets and the business

Meet Our Wills & Estates Senior Lawyers

Jaswinder (Jas) Sekhon

Jaswinder (Jas) Sekhon

Managing Director

Jaswinder strives to simplify and demystify complex legal
matters, to explain them logically and without “jargon”.
He resolves and commits to the best possible commercial
outcomes for his clients.

Succession Estate Planning

We'll Look at the Big Picture to Integrate Your Plan

The legal components of succession planning are only part of your broader strategy. A well thought-out plan should include legal documents that are coordinated with your retirement, investment and wealth accumulation strategies.

The Family

  1. Goal articulation & governance plan.
  2. Family information & communication documents.
  3. Prenups and post nups for all Family members
  4. Estate and gift planning.
  5. Life insurance & Investment advisory services.
  6. Family offices have unique international issues which we are highly conversant with.

Shareholder Issues

  1. Shareholder agreements.
  2. Disability planning and special trusts.
  3. Compensation documentation
  4. Stock transfer and share plan documents.
  5. Asset protection and taxation

Business Issues

  1. Business strategy incorporation into constituent documents.
  2. Management talent assessment and lock in.
  3. Corporate structuring and entities.
  4. Tax planning
  5. Litigation risks
  6. Retirement and exit planning

Creating A Succession Plan

Multi disciplinary approach involving Accounting – Tax – Investments – Insurance & Governance – Banking & Finance

  • We’ll assess your personal circumstances and assist you to formulate an appropriate & effective succession plan
  • We’ll work co-peratively with your other professional advisors such as your accountant, financial planner and insurance adviser to ensure your succession plan is integrated and covers all bases
  • We’ll help ensure that your dependants are looked after through whatever should arise over their lifetime

The Planning Process

It is different from a parenting order, which is made by a court.

Succession planning is a three-part process involving:

  • Identification of personal assets and those in your broader estate such as assets owned jointly, or owned by trusts or companies
  • Identification of potential risks including, for example, your early death or the possible divorce or bankruptcy of a beneficiary
  • The design and implementation of a plan that incorporates all your assets and takes into account flexibility to accommodate future changes, risk minimisation, tax minimisation and succession issues.

Privately Held Business – Why Complex?

The owners of privately held businesses face complex planning issues. For some, the first order of business is the long-term success of business operations, which encompasses a host of distinct issues. For others, the priority is the preservation of family wealth through estate, gift tax, retirement, insurance and investment planning — an equally complex challenge that may not always align perfectly with the aim of perpetuating the business.

These issues should be part of a long-term strategic plan that accounts for the needs of the business as well as the needs of the business owner:

  • Creation of a formal development program for likely successors
  • Evaluation of corporate finance and entity structure options, including debt and financing paths
  • The competitive landscape of your industry and business value drivers
  • Compensation planning for successors and other executives
  • Creation and implementation of shareholder agreements
  • Contingency planning in case something interferes with the performance or availability of leadership personnel
  • The complexity of closely held stock valuation issues, and efforts to limit the impact of those complexities on long term value
  • Use of tax-effective ownership-transfer techniques

Legacy and Birthright?

Strategic succession planning becomes even more complicated when family issues such as legacy, birthright, communication, personalities, and interpersonal dynamics are added to the mix.

Even an apparently simple succession scenario can become more complex when family interests mingle with business concerns. Even without any explicit disagreement among those involved, the goals of the business — to generate profits, exploit market opportunities, reward efficiency, develop organizational capacity, and build shareholder value — can come into direct conflict with the recognized goals of the family.

Succession planning provides security for your family and gives you peace of mind.

Disadvantaged-Vulnerable Family Members

We help you look after the interests of those most vulnerable.

This is especially necessary if you care for dependents with special needs.

As a carer or family member of someone with a physical or mental disability, there are unique considerations that you need to address when planning for their future. At Goldman & Co. we offer tailored services when creating a succession plan, designed to address a full range of circumstances including:

  • Intellectual illnesses or conditions such as Down’s Syndrome
  • Disabilities that occur as a consequence of a severe stroke, Alzheimer’s disease or schizophrenia
  • Physical disabilities such as those caused by muscular dystrophy or cerebral palsy
  • Spendthrifts who are incapable of managing their finances
  • Drug, alcohol or gaming additions that impede rational financial decisions
  • Severe head injuries as a result of an accident

Special Disability Trusts

Tailored succession planning advice can help ensure that after you have gone your child will continue to be looked after the way you wish. There are a number of strategies that can help parents protect the interests of a child with cognitive problems. These include the potential use of:

  • Special Disability Trusts
  • Capital Protected Trusts
  • A combination of both
  • Superannuation Death Benefits for the benefit of your disabled or special needs child

We can also assist you in the choice and appointment of a suitable guardian or trustee to care for your disabled or special needs child when you are no longer able to fulfil the role.

A well-structured succession plan can give you peace of mind that your loved ones will be provided for as you intended. You can plan and put arrangements in place to help secure their future.

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