What is succession planning, and how can you assist with it?

Succession planning involves preparing for the transfer of assets and businesses. We can guide you in creating a plan that aligns with your goals and objectives.

What is a business succession plan?

A business succession plan is a plan that outlines how leadership transitions and ownership transfers will occur in a business. It generally identifies potential successors and prepares them for their future roles. The goal is to ensure the business continues to operate efficiently, even after the retirement or sudden departure of key leaders.

What are asset protection strategies?

Asset protection strategies are legal methods used to protect an individual's or business's assets from potential risks, such as lawsuits, creditors or financial instability. These strategies can involve a variety of legal structures, including trusts, business entities and insurance policies, all designed to provide a layer of protection for your assets.

Succession Planning

Offering Succession Planning in Wagga Wagga

Succession Planning Services

Friedlieb Fox McLeod provides legal services in succession planning, encompassing estate planning, asset protection and transfer of wealth and assets. With offices in Wagga Wagga and Lockhart, we are dedicated to developing tailored succession plans for individuals, families and businesses, ensuring a smooth transition of assets and responsibilities.

We offer legal advice and representation for all aspects of planning for the future and wealth transfer. Our legal solutions span wills, trusts, business succession plans and tax optimisation strategies, all designed to preserve your legacy and safeguard your assets.

To arrange a consultation, call (02) 6921 1733.

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Our Range of Services

Our range of services in succession planning includes:

In-Depth Consultation: We conduct detailed consultations to gain a comprehensive understanding of your specific succession planning needs, including your goals, assets and family dynamics.

Asset Protection Strategies: We develop strategies aimed at protecting your wealth and assets from potential risks, creditors and taxation.

Estate Planning: We can develop comprehensive estate plans, wills, trusts and powers of attorney to ensure your assets are distributed in strict accordance with your wishes.

Business Succession Plans: We provide assistance in creating plans for seamlessly transferring business ownership and management to the next generation or successors.

Tax Optimisation: A core aspect of our services is implementing tax-efficient strategies, aimed at minimising tax liabilities for both the current and next generation.

We focus on wealth protection and facilitating a smooth transition of assets, responsibilities and businesses. We are passionate about ensuring peace of mind in knowing your wishes will be honoured and your legacy will be preserved. For any enquiries about your specific situation, arrange a consultation today.

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Understanding Succession Planning

Succession planning is a strategic process that is designed to ensure the transfer of management roles or ownership of a business, wealth and assets to ensure long-term business continuity or personal wealth protection.

In a business context, this is often seen in enabling the transition of responsibilities and leadership to the next generation or the identified successors, ensuring the business continues to operate efficiently

even after the retiring of a key leader or owner. In a personal context, it can

involve the effective distribution of a person's wealth and assets, ensuring they are distributed according to one's wishes.

A lawyer’s role in this process is to provide the necessary legal advice and expertise to help individuals, families and businesses navigate the complexities involved in succession planning. This includes the creation of wills, trusts and estate plans, the development of asset protection strategies, the creation of business succession plans and the implementation of tax optimisation strategies.

The process requires careful planning, taking into account the specifics of the situation, the goals and wishes of the individual or family and the requirements of the law.

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FAQs

What is succession planning, and how can you assist with it?

Succession planning involves preparing for the transfer of assets and businesses. We can guide you in creating a plan that aligns with your goals and objectives.
What is a business succession plan?

A business succession plan is a plan that outlines how leadership transitions and ownership transfers will occur in a business. It generally identifies potential successors and prepares them for their future roles. The goal is to ensure the business continues to operate efficiently, even after the retirement or sudden departure of key leaders.
What are asset protection strategies?

Asset protection strategies are legal methods used to protect an individual's or business's assets from potential risks, such as lawsuits, creditors or financial instability. These strategies can involve a variety of legal structures, including trusts, business entities and insurance policies, all designed to provide a layer of protection for your assets.