{"id":250,"date":"2024-05-01T20:40:37","date_gmt":"2024-05-01T12:40:37","guid":{"rendered":"https:\/\/millsfinancial.com.au\/?page_id=250"},"modified":"2024-05-01T20:41:34","modified_gmt":"2024-05-01T12:41:34","slug":"succession-planning","status":"publish","type":"page","link":"https:\/\/millsfinancial.com.au\/?page_id=250","title":{"rendered":"Succession Planning"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-secondary-color has-text-color has-link-color wp-elements-8c9e8d47d08387bb0a8ddf3e1ef54e1e\" style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30)\">If you own and operate a business either solely, in partnership, with family, or other business partners, planning your succession in advance will greatly enhance the chances of a successful result for all parties with a vested interest.&nbsp; For those in primary production or similar wishing to ensure the continuity of family ownership of assets through the generations without unfairly placing a financial burden on any one beneficiary, succession planning is paramount.<\/p>\n\n\n\n<p class=\"has-secondary-color has-text-color has-link-color wp-elements-57924dce7c231ed5d129233d06f4f130\" style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30)\">For a smooth transition when the time comes for retirement or upon death a carefully designed succession plan will ensure the ongoing financial needs of you and your dependents are met without adversely affecting either the following generations if applicable or those concerned with the continuation of your business operations.<\/p>\n\n\n\n<p class=\"has-secondary-color has-text-color has-link-color wp-elements-c484d3f26a957a4166100309c2f10e68\" style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30)\">Ideally a succession plan would be implemented over a five-year period with the intent to address the following issues:<\/p>\n\n\n\n<p class=\"has-secondary-color has-text-color has-link-color wp-elements-9e7cc77b1a201c6bcdee6f548494f7ab\" style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30)\"><\/p>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-ae8d2f41e3876059d868151219b816f3\">\n<li>Continuity of family ownership of assets<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-9db3b661af4f951cb23ae4346104946b\">\n<li>Maximization of retirement income<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-c8f160728aa185dd3f326d781a866a75\">\n<li>Provide retirement income \/ pension for retirees.<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-ee7679a80b4c4ffec31dcf989da7befc\">\n<li>Assist beneficiaries with financing options if required.<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-2a26f64243fa10785f2ad31963cda8c8\">\n<li>Tax effective result on sale or transfer of assets.<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-6ea32c9e05538328476f79c962c552f7\">\n<li>Review of appropriate insurance coverage<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-5a879c8336851a3148b7cced6ea2e836\">\n<li>Provide financial security and peace of mind.<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-5a40394fac4b4dc670f4d24669f10ea8\">\n<li>Clarify and document the desires of all associated parties who may have conflicting opinions.<\/li>\n<\/ul>\n\n\n\n<ul style=\"padding-top:var(--wp--preset--spacing--20);padding-bottom:var(--wp--preset--spacing--20);font-size:23px\" class=\"has-secondary-color has-text-color has-link-color wp-elements-a61d5eecb9a3f2bf09fb0f5d79a8c4e3\">\n<li>Reduce conflict and contesting of wills after death.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-secondary-color has-text-color has-link-color wp-elements-5bb7cb0633ef18a2731818b50a9a7484\" style=\"padding-top:var(--wp--preset--spacing--60);padding-bottom:var(--wp--preset--spacing--60)\">We are able to provide advice and guidance on how to adapt a succession plan that provides for your future security. We work very closely with Solicitors who have expertise in the field of Wills and Testamentary Trusts.&nbsp; The combination of our expertise and experience and that of our associates benefits our clients greatly.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you own and operate a business either solely, in partnership, with family, or other business partners, planning your succession in advance will greatly enhance the chances of a successful result for all parties with a vested interest.&nbsp; For those in primary production or similar wishing to ensure the continuity of family ownership of assets [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Succession Planning - Mills Financial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/millsfinancial.com.au\/?page_id=250\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Succession Planning - Mills Financial\" \/>\n<meta property=\"og:description\" content=\"If you own and operate a business either solely, in partnership, with family, or other business partners, planning your succession in advance will greatly enhance the chances of a successful result for all parties with a vested interest.&nbsp; 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