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Asset Protection Most family businesses are operated within complex structures such as family trusts or companies … and often a combination of these. Most of these structures were put in place as a result of past Federal and State death and gift duties (taxes) which have since been abolished. At that time these family structures provided protection from these duties and also provided potential tax benefits to the family business. More recently they provide potential tax benefits and other important benefits such as asset protection for key family members in the business. Lately, there has also been rapid growth in the use of self-managed super funds (SMSF) for family investments. The affect of this is that, apart from the family home, most of a business owner's assets are now owned "out of the Will" instead of "in the Will". That is to say, most family business and investment assets are held either in family trusts, family companies or SMSF’s. Therefore, managing the succession of a business owner's assets or planning for an untimely accident or illness can frustrate and complicate the operation of the business. Some questions that might arise for you, as a business owner, to assist in the smooth operation of your business, should an untimely event occur, include:
The successful structuring of inter-generational wealth transfers and succession arrangements need experienced advisors who have the skills, experience and resources to deal with a full range of issues for you and your business. If you have any questions relating to the above, or questions surrounding your own family business structure, please do not hesitate to contact David Walters or Grahame Kent at Elrington Boardman Allport on (02) 6206 1300
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Liability limited by the Solicitors Scheme, approved under the Professional Standards Act 1994 (NSW) |
