Advisers, managing clients in the gig economy or self-employed? Their estate planning needs are far from traditional. With diverse income streams, business assets, and complex tax structures, a tailored approach is essential.
Firstly, help your clients accurately identify and value their business interests and how they are held. These should be seamlessly integrated into their estate plan. As self-employed individuals, they must also explore tax-efficient strategies to minimise estate taxes and maximise the wealth passed on to their beneficiaries.
In some cases, existing trusts may hold a portion of their family wealth for tax and asset protection purposes. These assets don’t form part of the estate, as they are technically not “owned” but controlled through roles like a company trustee director or under a “power of appointment” in the trust deed. Inherit lawyers can help ensure the control and ownership of these trust assets are properly managed upon death.
Estate planning for self-employed or gig economy clients requires a comprehensive approach, addressing unique aspects of business ownership, trusts, and financial management. Working closely with legal professionals is crucial to covering all angles.
Note: Cheap online wills and post office wills typically do not cover non-estate assets. Many online wills are offered at low cost or even free, but the business model often locks in client beneficiaries to expensive probate processes or cross-sells other services.
Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan
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