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Dividing Business and Family Wealth without Tax Tears

A Case Study Where Not All Things Are Equal

Founders of successful Australian family businesses have typically built up business and personal wealth in a number of structures including companies and trusts.  Much of the structuring may have been organic ‘add-ons’ over the years where business expediency was the driving determinant.  This can cause family business succession and estate planning issues later on where family wealth has to be divided amongst family members who have different needs and wants, and who do not divide easily amongst the family’s wealth and business structures.  For instance, family wealth may be held within a trust structure which works well whilst mum and dad are alive since mum and dad are the bedrock of the family unit.  However, the children do not act as a unit.

During this complimentary webinar, Coleman Greig’s estate and tax planning experts Rosemary Carreras and Dung Lam will take you through an interesting case study on family business succession and look at creative options to meet the clients’ succession objectives where:

  • not all children work in the business and there’s also an in-law with an exiting ownership interest in the mix;
  • giving an equal share of the pie is not mum and dad’s intention or main objective; and,
  • the need for flexible binding death benefit nominations is key, especially when the business premises is owned by the clients’ SMSF.

Rosemary and Dung will also consider strategies which may be adopted to achieve a business succession and an estate plan that secures certainty for the business and divides family wealth tax-effectively.

  • Are there other ways of managing a business succession plan without incurring material tax cost?
  • How do you address family provisions claims for unequal splits?
  • Does COVID-19 provide a unique opportunity for restructuring – is there some silver lining to a lost 2020 year?

Join us for what promises to be a highly practical and thought provoking session - plus earn CPD points!

Your Questions Answered

Email us your questions and we will endeavour to answer them during the course of the webinar.

Can't attend? Please click here if you would like to access a recording of the webinar.