In light of Australia’s ageing population, focus is now being placed on the wealth accumulated by the hard work of older generations and how this is to be dealt with upon the passing of these individuals.
CGD recommends that all individuals start considering how their wealth is to be dealt with in their absence, whether expected, in old age, or unexpected.
Succession planning can assist in:
- Ensuring wealth remains in the family, and excluding specified people (e.g. spouses of your children) from accessing the inheritance you leave behind
- Ensuring that family structure and business ownership are appropriately recorded and allocated according to your wishes
CGD can assist in understanding your wishes for allocation of assets and ensuring that all beneficiaries are allocated an equal share (if that is your wish), after consideration of any income taxes that may be payable upon sale of inherited assets.
We can also assist you in determining the tax attributes and risk profile of potential beneficiaries, including an assessment of the most efficient structure for your assets now and upon your passing.
Please contact us to discuss your current will (if any) and your wishes for the future.