Tax and Accounting Services Mornington and Frankston

Protect what's important.

Put simply, Asset Protection is the use of smart, legal strategies to protect your assets. This includes:

Isolating assets or value from risk (e.g. housing passive income producing assets in separate structures to a business structure).
Segmenting multiple sources of risk, so that liability or exposure from one activity does not contaminate or put at risk assets in unrelated entities (e.g. carrying on separate businesses in separate structures).
Limiting the number and value of assets held by “at risk” individuals (e.g. transferring the legal ownership of valuable assets from at risk individuals to lower risk entities).

A successful outcome of asset protection planning might include the ability for at-risk individuals and their families to control or benefit from assets without legally owning them. The consequence is that if the at-risk individual becomes subject to liabilities or claims from creditors, those assets would not be available to satisfy them – even if a creditor is a successful litigant.

Wills, Testamentary Trust and EPOA

As accountants & financial advisors we are best placed to truly understand your personal and business structure to discuss with you your wishes, identify a tax efficient strategy for your estate planning, and ensure this is all correctly articulated to the lawyer so that your will truly reflects your intentions.

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Successor Director

Upon setting up a successor director solution for your companies, you will be assured that if you are incapacitated or die, then your successor director is instantly legally allowed to take your place as a director of any companies you have nominated in the documents that we will create for you.

This ensures the protection of control over the assets in all your companies and your trusts which have trustee companies.

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The Protector

'The Protector' is an asset protection trust package, which not only provides asset protection, but ensures that your assets are held for the benefit of those beneficiaries in your lineage or bloodline that you want. This will ensure that your hard built assets are kept in the hands of your lineage.

The Protector involves the creation of a special purpose Trust for the beneficiaries of your lineage or bloodline that you desire, including yourself and your spouse. If you have an existing trust this may prove suitable unless it is also potentially openly exposed because it runs a business or service.

Once the asset protection trust is established, we transfer the equity in your current assets, including your family home, into the trust and then lend it back to you for your use. This means no tax or stamp duty issues, but more importantly vital asset protection.

How we can help you.

SMART Business Solutions strongly advocate the implementation of an Asset Protection plan.

We have teamed up with lawyers and specialist estate planning advisers to provide The Protector asset protection trust package.

As your adviser we recommend that together we undertake a simple three step process to see if The Protector is the right fit for you.

Determine the value of all assets (net of liabilities) that are in your name and thereby exposed
Set up an appointment to go through the process for implementing The Protector, how to ensure there are no tax consequences and who is to benefit from these assets during your life and also post your death for generations to come
Establish the chain of documentation, execute the relevant deeds and place them in our digital vault and provide copies for your safe keeping.

Cost to implement.

Given the litigious society we live in and where state governments, the ATO and other federal agencies can take monies from your bank for unpaid debts, and the danger of leaving your estate exposed to long and costly litigation from a family provisions claim, we feel that it is important for all of our clients to examine the process and determine whether or not to protect their assets and legacy with The Protector.

We'd love to chat further to see if this is the right fit for you. Just call us on 03 5911 7000 to get the conversation started.

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