Setting up your family

The situation

Bruce, 68 is already a business client of ours who referred his son, Steve, 38. They were interested in buying the building that Bruce’s business had been leasing, but weren’t sure how to best structure it. Bruce also wanted to ensure that his grandkids would be looked after (financially) if anything were to happen to Steve or his wife, Brooke.

How we helped

• After analysing various possibilities we helped Steve set up an SMSF. This meant that he could purchase his father’s business premises, in preparation for when he inherits shares in the company.

• We also set up a comprehensive life insurance policy for Steve and Brooke which will help keep their family financially secure in the event one of them passes away unexpectedly.

• Steve has children from a previous marriage and wanted to make sure that his assets were passed directly to all of his children (equally). We referred him to a trusted solicitor that specialises in estate planning and setting up testamentary trusts.

• Bruce has run a successful business for over 30 years. We had already helped him set up ‘Key-man’ insurance previously, which will ensure that the business continues in the event of his business partner’s passing (allowing for the full buy-out of the deceased partners shares).

• Bruce also wanted to help out his grandkids later in life, so we set up a tax-effective investment bond for each of them which will mature when they are 25 years old.

The results

Bruce has peace of mind knowing that his family is in a strong financial position for the future.

Steve and Brooke are glad that we were able to assist them structure their finances to protect themselves and their children.