altus financial estate planning - adam montana
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Personal Succession PlanningWill your assets go where you want?
Important Notice
This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.
Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product.
This presentation is produced solely as an information service without assuming a duty of care. It MUST not be distributed to third parties. This presentation is based on information considered to be reliable. Opinions constitute our judgement at the time of issue and are subject to change. Neither Apogee Financial Planning Limited or any of the National Australia Group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this presentation.
Altus Financial is an Authorised Representative of Apogee Financial Planning Limited ABN 28 056 426 932 (AFSL number 230689), 105 Miller Street North Sydney, an Australian Financial Services licensee. Apogee Financial Planning Limited is associated with issuers of MLC Limited and MLC Life and National Australia Bank products.
Start with where you want to be then let us help you get there
• Controlling everything that is controllable• Making the most of whatever life throws at you• Developing a solution designed for you and you alone• Creating a clear picture that will guide you through an ever-changing
financial landscape
Wealth Management
Adam MontanaSenior Client AdviserWealth Management
Values & Objectives
What is important to you?Lifestyle ideals & resulting financial objectives
Legacy & estate wishesPlans & hopes for your children’s future
Difficult family issuesProtecting the vulnerable
Ongoing
AdviceO
ngoi
ng
Advi
ce
Personal Succession … How does it all work?
Advice Strategy
Financial shortfall, policy ownership, beneficiary decisions, estate & non estate assets
Legal Documents
Wills, testamentary trusts, super trusts, power of attorney,
guardianship, letter of wishes
Your personal succession conversation
Kylie33
Mike35
Alvin7
Justin3
Theo3
Jim C72
Joy C70
Brian E65
Joanne E64
Jennifer35
Ellen12
Operating Company
Service Company
FamilyTrust
Trust Deeds
WillsEPOAs
BusinessOwners’ Agreements
Personal SuccessionSome statistics to consider…• 54% of people don’t have a valid will
Source: NSW Public Trustee survey 2008
• 33% of first & 60% of second marriages end in divorce
• Number of step & blended families has grown by 50% since 2000
• 33% of marriages involve one previously married personSource: ABS. Figure is for all marriages entered into in 2000-02
• Only 45% of boys and 24% of girls expressed high satisfaction with their relationship with step-parents
Source: Australian Institute of Family Studies
Common Personal IssuesDon’t worry about it – Sort it out…• Retaining family assets in the bloodline
• The “son in law/daughter in law” I don’t want to run away with my assets in event of divorce
• Multiple marriages and stepchildren
• Worrying about a child who cannot manage assets eg drug/alcohol addiction, disability, immaturity
• Avoiding family disputes
Some business statistics to consider…• $3.5 trillion family business wealth changing hands in next decade
Source: MGI Boyd Family & Private Business Survey 2006
• 61% family business owners plan to retire in the next 10 years
• 22% say they have a formal succession plan
• 58% aged over 50 years
• 33% survive to 2nd generation, and only 10% to 3rd generationPoor succession planning is the primary reason for this
Source: KPMG and Family Business Australia Family Business Needs Survey 2006
• 9% of multiple owner businesses have funded Buy Sell in place
• Only 22% of owners had sought any succession adviceSource: Cameron Research 2008
Three parties work together for the complete solution
• Your Altus Accountant: knows you extremely well, usually knows your family issues, knows your entity structures and asset & debt positions, manages taxation implications, may provide any business valuation required, briefs your Altus Adviser, helps manage funded succession & restructuring.
• Your Altus Adviser: facilitates the entire process, identifies your personal and business objectives, identifies and covers insurance-funded trigger events, assesses policy ownership for estate and tax issues, briefs and facilitate legal firm, ensures your personal estate links to a business insurance plan.
• Legal Professional: prepares shareholders’ agreements, buy/sell agreements, estate and trust documentation. Liaises with your Altus accountant and adviser. Identifies any additional estate risks in the business structure.
Personal Succession Planning ProcessStep 1
Clarify your values and objectives
Step 2
Formulating your advice strategy
Step 3
Present your succession blueprint
Step 4
Implementing your advice
• Understand what is important to you
• Identify your lifestyle ideals and resulting financial objectives now and beyond retirement
• Understand who the important people in your life are
• Explore your legacy and estate wishes
• Identify your plans and wishes for your children’s future
• Discuss difficult family issues and concerns
• Gathering the right information about your current
• Identify issues that may arise through the implementation of your succession wishes
• Identify the appropriate strategies to protect you and those you care about
• Consider the ownership structure of estate and non-estate assets
• Identify the people in your life you trust to carry out your wishes
• Develop a comprehensive estate plan to meet your legacy objectives
• Present our recommended strategy and achieve your life and succession objectives
• Explain how our strategies can help you meet your protection and succession goals
• Explain the impact of changes in your life, the industry and the law on your succession blueprint
• Facilitate meeting with legal professionals to prepare the appropriate legal documents
• Inform you and your family of the procedure should anything change for better or for worse
Who is involved?• You• Your Altus Adviser
Who is involved?• You• Your Altus Adviser• Your Accountant• Legal Professional
Who is involved?• You• Your Altus Adviser• Legal Professional
Who is involved?• You• Your Altus Adviser• Legal Professional
Where do you sit?
• I am unsure of what goes where
• I am nervous of what will happen when I die
• I am confused with all the jargon
• I know I should sort it out, but it seems too hard
• I am confident that my plans are in order
• I have peace of mind that my estate will be administered in line with my wishes
• My estate plan addresses adverse tax consequences
• I am confident my family will receive the best financial outcome if I die
Don’t worry about it – Sort it out…
Peace of Mind
Effective transfer of wealth
Take worry away from loved ones
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