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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Wealth, Business, Estate Planning - 3 min read
When you own a business, estate planning becomes a bit more complicated. This extra complication is precisely the reason you should take care of your planning now, instead of putting it off for later “when you’ll have more time.”
As any business owner can tell you, finding free time is like striking gold.
As a business owner, it’s possible that a large portion of your wealth is tied up in your business. Therefore, your family’s income after your death is also tied up in the business, so the transition of the business from your ownership to the next owner (whether the next owner is a member of your family or a complete stranger) will greatly impact your family’s financial future.
What additional steps do business owners need to take when planning their estates?
It’s bad enough when survivors squabble over family heirlooms; so you certainly don’t want your family to become embroiled in a fight over who succeeds you as owner of the family business. This is why succession planning and estate planning are intimately linked.
If you don’t plan on leaving your business in the hands of a family member, it’s important that you establish a process for selling your business or selecting an outside successor. You may have a current employee or business associate in mind as your successor, or you may want the business to be sold to an outsider. Whatever you choose, make sure your plans are clearly spelled out so there’s no ambiguity.
Finally, talk with your Wealth Management adviser about steps you can take to minimise the tax liability to your business that your heirs may have to face after your death. There may be things you can do to the structure of the business that will help them to weather a possible financial hit caused by taxes.
For more information about estate planning when you own a business, or to talk about any other estate planning issue, contact us at Altus Financial. We’ll be happy to help you.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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