Building a legacy that lasts forever. Or at least 80 years

Many financial planning firms today are focussed on asset gathering their clients funds. Business models that mean the more money you bring in then you can slap a % based fee against these and in turn, bring in greater revenue. In our view, this is a lazy approach to providing comprehensive financial planning advice.

Our 4 pillars wealth management model means that while building and growing assets is important, the full level of advice needs to be incorporated to ensure that the clients best interests are catered to and that all threats and weaknesses are addressed.

One of the integral components of a strong wealth management plan is the discussion and implementation around estate planning. While many financial planning firms are focused on growing the assets under management, what families really need is an understanding and a discussion around how these assets and wealth will transition to those they love.

By beginning with the end in mind we can assure our professionals and small business owner clients that their hard work and wealth can be directed into a very tax effective and strong asset protection structure.

This work is undertaken in collaboration with an estate planning specialist who has many years in making sure that wealthy families have the options to make their money last as long as possible. Our collaborative view is that it is better to prepare before the inevitable rather than having the lawyers duke it out with family disputes and high fees.

Statistics show that about 25% of people in Australia have a will. Of these it is unsure how many have a simple will or have a will incorporating testamentary discretionary trusts .

The distinction between these two types of estate planning tools is vital in our discussions with wealthy clients. A simple will can at least direct assets to those you want to but by using Wills incorporating testamentary discretionary trust you are able to offer greater long-term advantages. These advantages range from accessing adult tax rates for minor children and offering possible asset protection in the event of bankruptcy and divorce.

We have first hand experience of transitioning superannuation and insurance policy death benefits to a testamentary trust and dealing with the lawyer and the accounting professional we have been able to provide great outcomes for the surviving spouse and the two young children who are both under 18.

Get in contact if you would like to discuss the merits of a well structured estate plan that dovetails with your overall wealth management plans.