It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.
The way your business is structured effects the protection of your business and personal assets
Asset protection is often one of the most neglected aspects of personal financial planning. How much your assets are protected depends on the way you structure the ownership of assets, ensuring they’re owned in the right names or entities.
Taggart & Partners specialise in finding the most appropriate structure to ensure you and your business are well protected. What’s more, you may find that choosing a different structure can actually reduce the amount of tax you’re paying.
Call us and find out how we can ensure your private family assets and valuable business assets are adequately insulated from possible future financial setbacks, family disagreements and/or business failure.
Setting up for moving on
If there’s one thing you can be certain of as a business owner, it’s that at some point in the future you will transfer your business interests.There are primarily four ways in which this will happen:
Planning your exit strategy will pay huge dividends both from a tax perspective and for the ultimate sale price that you could achieve.
To kick start this process, there are a number of important questions to consider including:
What are your ultimate goals and when would I like to exit my business?
If you’re selling to retire, how much money do you need to enjoy the lifestyle you aspire to?
How valuable is your business now and what can you do to increase its value?
Taggart & Partners can help you with all aspects of the exit planning process such as:
Live now, but plan for your future
Legacy planning is a topic that few of us like to think about, let alone discuss and plan proactively. As a business owner a comprehensive estate plan is far more effective than a will in being able to protect your assets, reduce the risk of disputes, and minimise your taxes.
Everything that you ‘own’ in including your business, home and super is not necessarily a part of your estate. The business structure that you operate in can have a significant impact on what you actually ‘own’.
Did you know for example, that assets held in companies, trusts and your super don’t necessarily form part of your estate unless you take specific measures to change this?
Taggart & Partners can help you with all aspects of the process including:
If you haven’t looked at your will in the last 2 years, contact us today to arrange an appointment to get your affairs in order.
Tell us about your business accounting needs below and we’ll schedule a free 30 minute consultation.