As a business owner, many of your personal and/or business assets may not be in your personal name. This type of structure is generally advisable and can be a great asset protection strategy as well as serving as a tax effective solution. However, this strategy can also cause issues from an estate planning perspective.
In the latest episode of the Business Owners Podcast, we are joined again by estate planning specialist Troy Palmer, who emphasises the importance of determining which of your assets are estate assets (those in your own name), and which are not – which may include assets held in trust.
Troy highlights that the distinction will provide important clarity on what you may legally bequeath on your passing, and discusses strategies you may wish to implement to reduce the likelihood of estate challenges being made.