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Shhhhh not something I want to talk about. How often have you heard or said that! 

It’s the conversation we often avoid or put off until we find ourselves forced to have it. 

The conversation, the questions; 

What do I need to do to have plans in place for now, the future, to protect my interests and my family and loved ones when I am gone? 

Don’t wait, act now, read on……..  What is Estate Planning and who can I contact for professional guidance and advice? 

This is where Blackburn Accounting can help. We are your family Business specialists offering solutions in Retirement and Estate Planning.

Estate planning is the process of arranging during a person’s lifetime for the management and disposal of that person’s estate; during that person’s life, should they become incapacitated and after death.

Estate Planning is more than just having a will! 

Estate Planning is about wealth succession, a way to help protect and ensure the wealth you have built over a lifetime is distributed according to your wishes. There are benefits for all concerned.

An Estate Plan is designed to help protect your loved ones. A rigorous estate plan ensures your wealth transfers smoothly and tax effectively to your intended beneficiaries. It will help them minimise taxation upon transfer of assets in a legal and logical manner, in accordance with your wishes. Estate planning can be captured under three questions:

• What do I have?
• Who do I want to have it? and,
• What will the implications be for that person?

Did you know for example, that even when you have a will, it may not apply to all of your wealth and assets. Complications can arise depending on where your assets are held. Another example, did you know that your superannuation may not even form part of your estate?

One of the key roles of your accountant in Estate Planning is to ascertain who owns what so that the assets can be split into these three separate areas and dealt with accordingly. 
Key elements in Estate Planning include;

• A Will
• Powers of Attorney
• Superannuation nominations

Most importantly; 

• Do you have your affairs in order? 
• Do you have a Financial Plan? 
• When did you last review your Will and Estate Plan? 

Need help, have questions! 

Contact us at Blackburn Accounting, we offer a professional personalised service.  We will walk you through the steps to establishing your Estate Plan. Request a free, no-obligation consultation today.   contact us now 

Would you be surprised to know that when Business owners were asked 'what is your Exit Plan'? many replied, I don’t have one or it drew blank faces.

Are you a Business owner, if asked this question what would your response be? 

As a Business owner you might think this is something to think about in the future, longer term, not now.  BUT, if you are like most and have a ‘dream’ of retirement an Exit Plan is a way to make that dream a reality, by taking steps to bring it to fruition.

Let's start the conversation with a simple explanation of what Exit Planning is all about!  

In simple terms, an Exit Plan is developed as a guide to determine when your Business is ready for you to ‘exit’, that is, to retire, sell or move the Business to someone else.

Your Exit Plan provides Strategies outlining the steps to address all aspects of what is needed for the transition regardless of the reason for departure. A well thought through plan is flexible enough to allow for unforeseen events, contingencies to respond to those circumstances beyond your control. 

Ideally, this planning begins in advance, but it is never too early or late to start. An example, 5 years provides sufficient time to prepare.

Exit examples include Succession; Selling; Closing down, Liquidation. 

Some common reasons for exiting are:

• an offer for the Business that is too hard to refuse;
• it’s time to retire;
• it’s time to pass on the Business to family or interested parties;
• the return on investment is too low so the owner wants to try something else.

Contact Blackburn Accounting to start your Exit Strategy Plan today. Click here: contact us

Tip 1: 

Start Developing an Exit Plan today.

Seek the help of a professional/s to help you with this important task, just as you have with other key matters concerning your Business. 

Blackburn Accounting is experienced in this field. We offer a personalised service to put you at ease when preparing these major planning decisions.

Tip 2: 

Decide on your Exit Strategy. 

There are various ways to exit your Business, so it is important to understand and choose which, what best serves your interests. Planning your exit to maximize your Business’ value will be one of the critical decisions you will have to make in your Business’ life-cycle.

Tip 3: 

Work towards your Exit Strategy Goals.

Just as with other key areas of your Business, planning ahead gives the best chance for successful outcomes. 

Let’s look at our Checklist for a Business Exit Strategy

• Identify your personal goals
• Decide on your Exit Strategy
• Get Your Business ready
• Prepare a Tax planning strategy

Now, let’s look more closely at what these steps involve. 

Identify your personal goals: 

Starting with, forming an advisory group, with professionals such as your Accountant, financial advisor, legal etc to help identify, develop and ultimately decide your goals.  

Next, what are your post exit income expectations and how will your Business fund these, and can it. Carefully analyse and do the calculations. Explore supplement retirement income sources if needed.

Then, establish/ review your Estate Plan.

Now, prepare your Retirement Plan. Items to include:  

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