Importance of a Buy-Sell Agreement in Business Having a proper Buy-Sell Agreement, when you are in business with other people, is crucial and an importance step in succession planning for your business. Step 3 of Jacqui’s Small Business Succession Plan is all about Buy-Sell Agreements. A checklist is available for you to download. This is […]
Stamp Duty Changes to Make Estate Planning Harder One of the benefits that we previously had in Victoria was that spouses did not pay stamp duty on land transfers between them, whether it was their principle place of residence or an investment property, or any other restructure of properties between them. This was really important […]
The Correct Way to Transfer Control of Your Family Trust Many small businesses and farming businesses are run in a family trust structure, and many families use family trusts as an investment vehicle, and perhaps own their investment properties in a family trust. Family trusts can be a great vehicle, particular for those who set […]
How to Quickly and Easily Avoid Disputes with Your Business Partner Not having a buy-sell agreement with your business partner is a critical mistake that so many business owners make. Whether you are partners, shareholders in a company, or unitholders in a unit trust, you should have a buy-sell agreement. A buy-sell agreement won’t completely […]
Exit Strategy for Tradies Harris Business Solutions held an information evening for tradies on 23 June 2016 at Hogan’s pub in Wallan. Here’s my presentation from the evening: Click here to download the Buy-Sell Agreement checklist
This case study considers the superannuation succession planning for a man in a blended family, trying to ensure his children from his first marriage also get some inheritance
Family Farm and Family Business Disputes Download the Passing Down the Family Farm and Rural Succession Planning
Types of Trusts I have written an article explaining what a trust is, but this article will take it a bit further. A trust is a relationship between a person (trustee) and another person (beneficiary) in which the trustee holds property (trust property/trust fund) for the benefit of the beneficiary. Sometimes there is more than […]
Business Exit Strategy Checklist – This Goes For Farms Too Business succession planning is about planning for the future. It is about making sure that your family and employees wonâ€™t be left in the lurch if something happens to you. It is also about planning for retirement, and exiting your business. Hereâ€™s a checklist of […]
Self Managed Super Fund: Death and Loss of Capacity by Jacqui Brauman I recently attended a seminar at which Peter Pascoe, barrister, shared a paper on this very topic. Since more and more people and using self managed superannuation funds (SMSFs) as investment and retirement vehicles, this information is very relevant. If you have a […]
A Year Of Great Information by Jacqui Brauman A year disappears very quickly, and if I write a blog a week, thatâ€™s at least 50 blogs in the working year. Since I have been doing my Masters degree in Wills and Estate planning, my focus has very much been on providing you with lots of […]
by Jacqui Brauman Sara, a single mother working part-time, with her pre-school children both in day care, had a car accident on the way to pick her kids up. She was trapped in the vehicle, with crush wounds to her legs, and a concussion. Emergency crews took hours to get her out of the vehicle […]
by Jacqui Brauman The new Victorian Power of Attorney Act is due to start on 1 September 2015. It doesnâ€™t make any changes to the Enduring Power of Attorney (Medical Treatment), but it will change the other two enduring powers: Enduring Power of Attorney (Financial) and Enduring Guardianship. Donâ€™t worry if you have these documents […]
by Jacqui Brauman Your exit strategy is your succession plan from your small business. For each small business, their succession plan could look different. It could involve, depending on the level of planning: outright sale of the business to a third party transfer of management to family members, along with some form of ownership control […]
Small Business Succession Small business succession planning is vital, both to take control of your business’ Â future and to increasing its value. Most importantly, with succession planning, is the contingency plan – so that if something happens to us, we don’t leave our family and employees in the lurch. Contact us to arrange a chat […]
Baby-Boomer Retirement and Business Succession In 2013, RMIT University completed a report based on a survey of 5,000 randomly selected Australian small businesses. It showed that: the average age of the owners was 58 the proportion of owners who were 65 or older was 25% within Australia, Victoria accounted for 35% of the firms (NSW/ACT […]
Family Farm Succession Planning Farmers and primary producers who run livestock or grow crops or use their rural properties to engage in the manufacture of products (such as grape growers and dairy farmers) covers a broad range of people with special needs. One of the most common examples of the challenges facing family farm succession […]
Family Trust Succession Your family discretionary trust was probably set up by your accountant with the primary purpose being tax and income flexibility. As you age, your priorities will change, and if you are looking at a succession plan for your family trust (particularly if your business is run in your family trust), then your […]
Succession of family trusts by Jacqui Brauman So you have been running your business or your property investment portfolio in your family trust. But youâ€™re now wanting to retire, or at least know that if you take a step back, that the whole thing wonâ€™t collapse. Youâ€™re at a crossroads, and you need a succession […]
Asking â€œhow much does a Will cost?â€ is a lot like asking â€œhow much does a house cost?â€. There is no simple answer. The cost of a Will is dependant on a number of factors.
There is no obligation to make a Will, but having a Will offers many benefits, both financial and personal. Here are some reasons to have a will.
It would be worth considering setting aside funds, if you die, into an education trust.
A legacy is simply a gift of cash in your Will.
After you die, you might want a spouse or a child to have the benefit of a certain asset for the rest of their lives. You can achieve this a number of ways in your Will: grant a life interest, or to create a use and enjoyment trust, and to give the specific person the benefit of that trust.
There is only a small range of people who are eligible to receive a superannuation death benefit directly.
In simple terms, estate assets are assets that you own in your personal name at the date of your death. These are the assets that are dealt with in your Will. Non estate assets are dealt with otherwise.
For many people, their superannuation is their biggest asset. However, your superannuation is not an estate asset to be dealt with under your Will. Instead, it is an asset held on your behalf by the trustee of your superannuation fund.
You have elderly parents who need more of your attention, and your children are young adults but they arenâ€™t completely independent yet. You are stuck between the generations. You are torn between them.
If you know youâ€™re going to die, you will want to do whatâ€™s best for your family, but youâ€™re probably also going to want to have a bit of fun while youâ€™re still feeling ok.
Is estate planning just for the elderly. Simple answer: NO. But the problem is that whilst its important for everyone, those that are busy never seem to get around to it.
If you have a family trust and you havenâ€™t thought about the succession of that trust, or you donâ€™t fully understand what roles you have in the trust and how it works, please read this.
Your exit strategy is your succession plan from your small business.