Green Taylor Partners has developed specialist skills in succession and estate planning so that your business and farm succession can take place as smoothly as possible.
These specialist skills also allow for strategic planning and techniques to ensure assets are protected during your lifetime, and are ultimately passed to the next generation in the most tax effective manner.
The most important element is to discover what you are trying to achieve and then to come up with a strategy to ensure this happens.
The process involves:
- A detailed understanding of the client and family.
- Meeting to discuss issues, wants, concerns and possible solutions.
- A review of Wills and Powers of Attorney.
- Examination of operating and ownership structure and financial position to identify actual ownership of assets and implications of change.
- Identification of taxation issues including Capital Gains Tax, and identifying tax minimisation opportunities.
- Strategies to protect assets.
- Consideration as to who is to control assets, who is to benefit from assets, and when.
- Planning to ensure death does not create havoc.
Strategies and tools used include:-
- Taxation minimisation techniques.
- Trusts to assist in asset protection and income streaming.
- Using Self Managed Superannuation Funds to build wealth in a tax advantaged environment, to hold family assets for ongoing Generations and to enjoy concessionally taxed income streams.
- The use of Binding Death Nominations to ensure wealth passes to the persons intended.
- Examination of Insurance products most suitable to your needs.
- Partnership/Business agreements to provide for orderly sale/purchase of business interests between owners.
- Use of Capital Gains Tax rollovers and exemptions to minimise or eliminate any capital gains tax liabilities. Strategic planning is especially important in relation to any proposed sale of business or restructure.
- Maximising Age Pension and allowance entitlements if applicable.
- Please feel free to email Peter or Matt for further information.
