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Business Estate Planning and why YOUR business NEEDS it!

September 5, 2016

September 5, 2016

What is business estate planning?

Business estate planning is the process of arranging your business affairs now to help ensure there is no unnecessary deterioration or loss of continuity in your business should it lose you or one of the other owners or other key people through illness, injury or death.

With appropriate business estate planning, there should be less risk of:

  • A departing owner, or their spouse or estate, taking legal action over a valuation or pay‐out figure
  • A departing owner’s spouse or child deciding – against the wishes of the continuing owners – to become an active hands‐on partner of the business (rather than taking the pay‐out)
  • The departing owner’s spouse or family taking their legal right to claim a share of the business profits without having to work in the business
  • A departing owner’s spouse or estate selling their share of the business to a third party that may be unsatisfactory or unknown to the continuing owners
  • The control of the business or its assets being frozen due to legal difficulties created by the departing owner, or their spouse or estate.

Read about what happened to business partners Mary Wayne and John when John got diagnosed with a terminal illness in How to safeguard your business if the unexpected happens.

Read about business partners Andrew and Sebastian - and what happened to the business when Andrew died suddenly in Running a business? Don't Let this happen to you!

Michelle Roberts is an Authorised Representative of Australian Unity Personal Financial Services Limited (AUFP) ABN 26 098 725 145, AFSL 234459. This information has been prepared by AUPFS. The taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current laws and their interpretation. 
This information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Because of this you should, before acting on it, consider its appropriateness, having regard to your objectives, financial situation and needs. Past performance is not an indication of future performance.
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Michelle Roberts

Advisor

  • Bachelor of Business (Property Investment)
  • Advanced Diploma of Financial Services (Financial Planning)

Michelle Roberts is an Authorised Representative of Australian Unity Personal Financial Services Limited (AUFP) ABN 26 098 725 145, AFSL 234459. This is general advice only and does not take into account your personal objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice in light of your own circumstances. Past performance in not indicative of future performance.