1. Who are You – The Who
Silly question? In Estate Planning it is the Number 1 question.
If you are an individual
Your Will applies
If you are a joint owners
Your Will does NOT apply
If you are a company
Your Will does NOT apply to the company assets, but DOES apply to the shares you own. However, what does the Company Constitution and any shareholders Agreement say about that?
If you are a trust
Your Will does NOT apply to trust assets. Your Will has some relevance if Trust Deed allows you to replace officeholders in the Trust
If you are an SMSF
Your Will does NOT apply unless the super monies are paid into your estate.
2. Money – Pink Floyd
So, where is your money and how do you plan dealing with it?
What are the effective tax strategies?
Is wealth you inherit subject to special rules with special expectations?
3. Where do the children Play – Cat Stevens
Children must play.
Children must learn.
Have you taught your children the responsibilities and privileges of wealth?
Will they fritter their inheritance away?
In a blended relationship, how accepting are your children of
- Non-direct family members?
4. It’s not fair – the perennial lament of children of all ages
Does ‘fairness’ equate with equality?
What are the needs of your children? Of others you may wish to benefit directly?
Grandchildren, as we live longer, often have a greater role in our lives than previously. You may want to benefit grandchildren directly. But if one child has more of your grandchildren than another?
What benefits do you plan for non-direct descendant children in a blended family – your blended family, or that of your children?
5. Like a Rolling Stone – Bob Dylan
In this global village, children live abroad. Are they non-residents, dual residents, or foreign citizens, for tax purposes?
Do they pay the special taxes on their inheritance that Australian tax residents do not, or is that tax shared?
Do you have ‘rolling stone’ assets and so assets in other countries?
6. Sugar Mountain – Neil Young
What is the LEGACY you want to leave? Just to the next generation? Or do you want to imbue the next generation with both wealth and wisdom to instil stewardship of both for future generations?
For your family business – either commercially or in managing family wealth, or both – what plans have you set up so when, how and by whom, will they spring into action?
7. You’ve got a friend – Carol King
With its array of specialist over a variety of fields, FBCN can assist you through this labyrinth. FBCN Members collaborate – our hallmark – amongst themselves, or with your own well-established advisers, so, like the 3 tenors in Nessun Dorma, you can achieve the high notes.
© 2015 David Lucas
0412 900 777