Advanced Estate Planning for Business Owners

What good is a Will if you lose all your assets during your lifetime?

Advanced Estate Planning includes planning for the preservation of your wealth during your lifetime as well as planning for the succession of that wealth to intended beneficiaries in the most advantageous manner upon death. It requires a careful assessment of you and your intended beneficiaries’ circumstances and implementation of relevant asset protection strategies.

For most business owners their interest in their business is one of their main assets. Businesses face inherent risks from a range of internal and external factors most of which can not be insured against. The assessment of business risks and implementation of strategies for minimising or avoiding those risks underlies Roberts Crosbie Mortensen Lawyers unique approach to Advanced Estate Planning for business owners.

Proper Business Succession Planning is also a fundamental aspect of any modern Estate Plan for a co-owner of a business. Often businesses evolve without much planning. Most people don’t bother to think about what they would do if their business partner got ill or injured and was forced to retire let alone what would happen to the business if the partner died or they got in to a dispute. Without proper planning a partner may find themselves in business with a former partner’s executor, attorney, spouse, or other beneficiary and without any ability to buy out their share of the business. Conversely, a disabled, ill or deceased partner may not be able to convert their share in a business to cash when they need to most.

Problems associated with business partners suffering an untimely death or injury as well as disputes between partners, all of which often lead to the financial ruin of the business, can be managed by the making of appropriate Business Succession Planning Agreements.

Business Succession Planning Guide

Financial certainty and peace of mind for business co-owners in the event of death, disability or serious illness.

Business Succession Planning Lawyers for Sydney and Newcastle

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The information in this article is not legal advice and is intended to provide commentary and general information only. It should not be relied upon or used as a definitive or complete statement of the relevant law. You should obtain formal legal advice specific to your particular circumstance. Liability limited by a scheme approved under Professional Standards Legislation.

Solicitor Director
Accredited Specialist (Business Law)