- Areas of Legal Practice
- Our People
Estate Planning Equation – Preventative Law
Level 13, 200 Queen St,
Melbourne Vic 3000
+613 8600 6906
Areas of Practice
The process of building and maintaining wealth can be put into jeopardy because domestic relationships end, disputes occur, or individuals and businesses face financial difficulty. Careful attention to ASSET PROTECTION can significantly reduce or even eliminate these risks and improve the prospect of assets remaining in place despite a crisis occurring.
Risk management is a very important aspect of business owners and individuals, especially given the heightened risks of litigation in the 21st century. Careful asset protection planning and management of creditor risk involves attention to the ownership of assets as well as structuring of wealth. At Estate Planning Equation - Preventative Law, we assist advisors and their clients by providing advice and implementation on issues regarding:
- Managing bankruptcy and creditor risk, having regard to the provisions of the Bankruptcy Act 1966 (Cth);
- Preventing a risk of challenge to estate and other assets by hostile parties upon death, noting that each state's succession laws differ;
- Parent to child loans and child to parent loans to maximise the prospects of assets being preserved in a financial or family law crisis; and
- Minimising the risk of assets being divided up in a family law claim.
Joe is interested in commencing a business with his business partner, Cathy. They both have families and accumulated wealth which they need to protect in the unlikely event of bankruptcy or financial difficulty. In preserving and protecting their hard earned wealth from third party creditors, some issues they should both consider are:
- The structure of their business;
- The ownership of significant assets including their family home, lifestyle assets and other investments;
- The value of business insurance with the advice of an appropriate risk advisor; and
- Whether a business agreement is necessary, outlining the procedures where:
- One party wishes to exit the business;
- The parties wish to admit another partner to the business;
- The division of business profits;
- The decision-making process ie, the level of consent needed to make day to day, investment and other business decisions; and
- The process and mechanism for resolving disputes.