A Good Time To Protect Your Wealth
The Law Company, based in the Tamworth region and who are associated with the Stacks Law Firm legal network, have featured in the Northern Daily Leader ‘Law Week’ edition.
You’re probably sick of hearing the expressions, “today’s economic climate” and “the global financial crisis”. In actual fact, experts agree that the recession hasn’t affected Australia too badly. Certainly the economy is recovering sooner than expected.
That said, the future remains uncertain.
It would seem that now might be a good time to consider how best to hold on to your existing wealth. What strategies do you have in place to protect your wealth against future pitfalls?
Enter wealth protection.
At its core, wealth protection is about protecting your personal or business assets against risk. It’s about setting up your affairs the right way.
Consider the following scenario: You own a house and business, both of which are registered in the same name. If your business falls apart, your home may suddenly be at risk, simply because it is in the same name as the failed business. But a wealth protection strategy can keep your home safe from creditors.
Another common strategy relates to avoiding unintended tax via a testamentary trust. It used to be the case that a trust set up in your children’s name meant a reduced tax rate. While that’s no longer the case, governments have always applied the lower rate to children receiving income via a testamentary trust under a will.
And that’s just scratching the surface. There are many different ways to keep your wealth safe.
Obviously these kinds of strategies are only successful if put in place before the potential risk arises, not after. So wealth protection is about planning ahead.
And there’s no such thing as a one size fits all wealth protection strategy. A lawyer who specialises in wealth protection will be able to review your particular circumstances and come up with a plan that best meets your needs.
These days, a little peace of mind for the future is certainly worth considering.
The Law Company is your team of local wealth protection specialists. Call us for an appointment today on 02 6767 2000.