- Conveyancing & Real Estate
- Employment Advice & Disputes
- Family Law
- Wills, Estates & Wealth Protection
- Building & Construction
- Corporate & Commercial
- Insolvency & Restructuring
- Intellectual Property
- Litigation & Dispute Resolution
- Planning, Environment & Local Government
- Property & Water
- Taxation & Duties
- Workplace Relations, Employment and Safety
Wills, Estates & Wealth Protection
Most people have assets.These might be in the form of a family home, a car, a business (such as a professional practice), a share portfolio, investment real estate, valuable artworks, and so on.Most people who are fortunate enough to have a lot of valuable assets need a way to protect this wealth from risk. We all know that you can’t take your wealth with you when you die. Wealth protection strategies are designed to prevent others taking your wealth from you while you are still alive. Wealth protection planning is a process by which the assets that make up a person’s wealth, whether they are personal assets, business assets or other investments, are organised so as to protect them against risk.
What risks do I need to protect myself from?
Also, Australia is among the most highly regulated countries in the world, with virtually all business activity being the subject of state and/or federal government regulation of one kind or another. Some regulation is so complex that maintaining total compliance at all times is virtually impossible. The penalties imposed for failing to comply with regulations can also be financially crippling.
A person’s wealth can be placed in jeopardy from other risks, such as:-
- Claims made by a former spouse, or de facto partner, following a relationship breakdown.
- Claims made by disgruntled business associates or employees.
- Claims arising out of a person suffering a serious illness.
How do I know if I need wealth protection?
- The very wealthy
- Those in the public eye who have some degree of celebrity status. Often, people such as these are seen as prime targets for overzealous litigators and regulators.
- People who have a concern or suspicion that they may face some form of legal, financial or even medical difficulty in the not too distant future.
- People who own a business, or who are engaged in a professional occupation. Any business owner or professional practitioner is, whether they like it or not, at risk of being sued.
What our clients say
Hi Courtney and Nathan,
Please accept my profound gratitude for the manner in which you have attended to and dealt with my uncle’s estate on my behalf.
I have found you both to be high quality people who have made things easier especially when dealing from afar.
I really appreciate all of your help, and would not hesitate to recommend or use Stacks/The Law Firm in Ballina again.
When should I consider a wealth protection strategy?
What are some examples of successful wealth protection strategies?
Some strategies that often form part of a wealth protection plan are:-
- Using companies and trusts to quarantine assets that involve an inherent degree of risk.
- Ensuring that active assets (such as a business) and passive assets (such as a share portfolio, or investment real estate) are owned by different entities.
- Giving inherited wealth to your beneficiaries, and receiving inherited wealth from your benefactors, through testamentary trusts.
- Skilful use of debt and securities, particularly debt and securities involving companies and trusts in which you have an interest.
- Structuring the appointment of company directorships within a family group to limit the family group being exposed to risk arising out of directors’ liabilities.
- Strategic use of superannuation and insurance.
- Developing agreements to deal with the orderly succession of business ownership after critical events such as death, disability and voluntary retirement.
The Stacks Wealth Protection Law User Group
In The Community
Make an enquiry
|Area Of Law:||
Enter your postcode to find your nearest specialist.