Esposito Law & Co can assist you with succession of your business through discretionary and family trusts.
Trusts can be used as a tax minimisation strategy; as a means of providing shared income for family members; to minimise the risk of creditors making a claim against your assets; and to place valuable assets out of the direct control of individuals at risk of making poor decisions that may affect a number of stakeholders involved.
One type of discretionary trust is a family trust. A trustee (frequently one of the family members) is elected to hold assets in their name for the benefit of a group of beneficiaries. Although one or more person can be elected as trustee, so to can a company. This is beneficial in terms of avoiding difficulty experienced in situations such as the death of a trustee, or in circumstances where a trustee is declared bankrupt.
Esposito Law & Co can assist you with:
- Reviewing trusts to ensure they comply with financial and trust-related legal requirements
- Advice for your accountant to make suitable arrangements
- Providing for succession to the next generation
Contact us to find out more or to arrange a consultation with Annette Esposito.