Estate planning involves thinking about how to build and protect your wealth as well as how you will share your wealth with the people you care about. It requires thinking about such issues as how you will continue to look after your family and business under changing circumstances and how to prepare your children for responsible independence. Estate Planning Strategists is another arm to the Phillips Family Office.
These issues are relevant throughout your whole life not just upon death or incapacity. Given our longevity, wealth is more often transferred to the next generation within your lifetime. Additionally, although it is not a pleasant topic, the incident of dementia and health requires us to make sound plans as early as possible. All this raises a number of caring, commercial, tax and financial management issues including:
- Estate planning
- An Enduring Power of Attorney
- Medical Power of Attorney or Enduring Power of Guardianship
- Additional documents and strategies may be necessary depending upon individual circumstances
Life today is more complex for a growing number of people. Families are more diverse and there is an increasing complexity in our laws, including investment, family, bankruptcy, superannuation, pension and taxation laws. People also want to transfer their wealth in a “tailored” manner, to suit their personal and family circumstances.