Succession Estate Planning

Why engage Sheehan & Co. to assist you in your succession estate planning?

We have substantial experience dealing with the unique issues involved with rural succession planning including protecting your assets or passing on the family farm or family business during your lifetime. We obtain detailed instructions from you in relation to various issues which may affect your plan. We also provide you with advice/legitimate strategies in relation to minimising your stamp duty on transfer of rural or other business property .  


Personal/business estate planning strategies

We can assist you in formulating (in conjunction with your accountant or financial advisor) and implementing various estate planning strategies, including:

  • Gifting or transferring assets during your lifetime;
  • Changing the tenancy of your properties;
  • Structuring of asset ownership (for example, establishment of family trusts, companies...);
  • Utilisation of testamentary trusts in Wills;
  • Shareholders Agreements to regulate the continuation of a company's business during the lifetime and after the death of a major shareholder;
  • Critical Event Agreements which document agreement by key business personnel to buy out an interest in a business on death of an owner, which is generally funded by insurance; and
  • Various other strategies which may have application depending upon your circumstances...

There are advantages and disadvantages to implementing any of the above strategies which would firstly need to be fully considered by you (with the benefit of appropriate legal and financial/taxation advice) before making any decision. Of course, it will be a matter for you to weigh up the "pros and cons".


Our services in this area are tailored to achieve better outcomes for you

We will provide appropriate legal advice and working in with accountant/financial advisor, a tailor made plan suitable for your circumstances and meeting your requirements can be formulated.

 

Passing on the family farm or any family business

It is important that your family has a plan in place for passing on your family's business. This plan will be specific to your family to ensure that your family’s needs and requirements are met.

With most things, not knowing what to do is the most difficult part.

Starting block

  • READY
    Know what you own and control. Be able to say in your own words and understanding how the property is to be dealt with, when this is to happen and who is to end up with the property.

 

  • SET
    Discuss your options with us so that we can reality test your proposal. We will also meet with your accountant and financial advisor.

 

  • GO
    We assist you reach a decision and documents are prepared to ensure that your decisions are implemented whether now or in the future.

 

Some questions for you to ask are:

If I died, or if I became incapable tomorrow:

  • How would the proposed transfer in my Will affect my family and the people operating the business?
  • What is my vision for the business?
  • Can this vision be implemented? How?
  • Where is the expertise? Is it all tied up with one person?
  • Do I need to implement a wealth creation strategy to develop a portfolio of “off farm assets” or assets outside the family business?
  • What is the worst case scenario regarding issues such as debt, divorce or family dispute?
  • Will the business/farming property continue to be viable? Is it practical for the business to continue? 

 

If I transferred my interest in the family business or my property during my lifetime:

  • Will I be able to continue to financially support myself?
  • Will I have sufficient assets and/or income to enable me to enjoy retirement?
  • If I need to, am I able to arrange my affairs to take advantage of the benefits offered by Centrelink?
  • Have I secured my interest if my children sold the farm property or business after I transferred my interest to them?
  • Do I need to implement a wealth creation strategy to develop a portfolio of “off farm assets” or assets outside the family business?
  • What is the worst case scenario regarding issues such as debt, divorce or family dispute?
  • Will the business/farming property continue to be viable? Is it practical for the business to continue?

 

Make an appointment 

Our office is centrally located within the Surat Basin and we are pleased to meet with clients in person, via telephone or home visit to discuss your legal needs in this area.


 

Remember - it pays to get the right advice!

CONTACT PAUL OR MICHELE SHEEHAN AND THEIR TEAM TODAY ON (07) 4662 8066
OR BY EMAIL psheehan@sheehanco.com.au
or msheehan@sheehanco.com.au