Burgess Thomson experts in family wealth and business succession | Newcastle Herald
Nobody likes to think about it too much, but inevitably, one day, a wealthy person may have to leave their business by selling, retiring or leaving for health reasons.
When it comes to issues like family wealth and business succession, having a succession plan in place is very important.
This makes the transition easier not only for yourself, but also for your family or employees.
Family wealth lawyers like Burgess Thomson can help you with a number of areas, including estate planning, asset protection, tax reduction and more.
Family Heritage Succession
Ensuring that your family’s heritage is protected and preserved is essential, but while it’s important to protect your assets after you die, it’s also essential to ensure that your assets are properly protected during your lifetime.
“Formulating and implementing a plan early is the best way to enable asset and estate protection as you wish,” according to James Thomson, director and senior counsel at Burgess Thomson.
“We can advise you on the benefits and risks of different options, including asset protection strategies, advice and support regarding business structures and advice on pension law, including setting up self-managed pension funds.
“That way, you can make informed decisions that best meet your unique needs and circumstances.
“We can also help you prepare wills, testamentary trusts, powers of attorney and appointments of permanent guardians tailored to your unique situation.”
Business succession planning can be complex and unique in every situation, especially when it comes to determining who might be suitable to take over the business.
Research suggests that over 65% of family businesses fail when passed on to the second generation.
This can be avoided by having an effective business succession process in place.
“A well-constructed plan will support family businesses allowing business owners to retire or rest easy knowing that the business is protected in the worst case of death or incapacity,” James said.
Burgess Thomson is one of Newcastle’s most reputable law firms, established since 1983 and listed in the Legal 500 and Doyle’s Guide to top-ranked law firms.
Burgess Thomson’s areas of expertise include:
- Wills and testamentary trusts
- Appointment of a permanent guardian and power of attorney documents
- Shareholder agreements
- Purchase/sale agreements
- Advice and support in business structuring
- Company power of attorney
- Asset Protection
- Personal estate planning
Founder Damian Burgess has over 40 years of legal experience and many loyal clients.
James has over 20 years experience and holds degrees in law and commerce from the University of Sydney and the University of NSW respectively and also completed the Negotiation Program at Harvard Law School.
With a team of lawyers and paralegals, they take the time to get to know their clients and meet their needs.