All in the Family: Succession Planning for High-Net Worth Complex Family Businesses

Proper planning is essential to minimise the likelihood of problems arising after the death of the testator. This is easier said than done when it comes to large and complex family business structures where they may be multiple trusts, corporate trustees, various involved family members with often competing and vested emotional, legal and financial interests. With a significant amount of wealth at stake, emotions run high and these types of matters tend to be highly scrutinised and hotly contested in the face of disgruntled family members. This session will focus on succession planning for such family businesses, including:

• The various options available to structure large businesses as part of estate planning, and the pros and cons of each option
• The options available regarding superannuation assets and in particular SMSFs within the context of a broader testamentary trust structure
• The issues practitioners should consider when advising clients about the proposed structure including the alignment of any succession plan/s with the estate plan
• How best to structure the testamentary trust from the family court perspective, including what may happen on the breakdown of a relationship (marriage or de facto) of various family members and how to plan for this within the structure of the estate