Proper consideration of corporate structures enables clients to structure their affairs to help protect them and their families from the potentially disastrous impact of business related risk. Furthermore, it is possible to extend this protection to take into account Family Law issues that may one-day impact children and grandchildren,
Of course, proper planning would also take into account the taxation consequences of using different types of companies, trusts, superannuation funds and individuals that may be relevant to business, investment, retirement, succession, lifestyle or estate decisions.
It is usually too late to manage risk after the “horse has already bolted”. It is far better to get it all sorted well in advance of any issues.
As expected, most new clients bring a legacy of structures and issues. They represent a mishmash of decisions made over many, many years … a total mess that potentially has unpleasant consequences.
Strangely enough, in most cases, the rectification is relatively straightforward. Once identified, specific risks can be prioritised and appropriate actions are executed.
Our clients sleep a lot better after this!