We see succession planning as consisting of two basic parts:

		(i) Accumulation
		(ii) Retirement

(i) Accumulation

The issue confronting all of us is how can I best grow my estate particularly where your estate includes a large asset being your existing business?

To answer this question, many issues need to be addressed. These include an evaluation of your existing business structures, preparation of a financial retirement plan to establish, what gap there my be now between what assets you will have in retirement and what you will need to live comfortably, and an investment strategy necessary to achieve your retirement plans. In this phase you need to look at maximizing the tax effectiveness of contributions to your own DIY Superannuation fund, if you have one.

Do you have your own DIY Superannuation Fund? If not, we can assist you in its creation and ongoing administration.

(ii) Retirement

The issues which need to be dealt with here include:

		Examination of your business structures to ensure that your personal estate is not easily available to your business creditors;
		What plans do you have in place in the event of death or disablement;
		What can be done to protect your estate in the even of a marriage breakup;
		Is your Will capable of being used against you by a disgruntled family member;
		Do you have in place a plan for your spouse to act on your behalf when you are incapable of doing so;
		With the structures you have, how can you get the money out in a tax effective way; and
		What provision have you made for your young children in the even of the death of you and your spouse?

At RW Corrie & Co, with our principal being a Barrister-At-Law, we can guide you through these many issues.