Managing risk is a common thread within an asset protection strategy.
The law is complex and wealth management changes. A Binding Financial Agreement (BFA) may be an appropriate instrument for managing risk, especially when couples enter into a relationship
An example of risk management within an asset protection strategy? — Severing a tenancy from joint to tenants in common
When a family home is purchased the property may be acquired by the parties as joint tenants. Joint tenancy may not be a suitable basis for holding a property. In order to protect the asset in some instances the tenancy should be severed into a tenancy in common. There is no stamp duty or capital gains tax. If an "at risk" person acquires a property it may be better to acquire the property in unequal shares so that at risk person holds less in the event that a trustee in bankruptcy is chasing a debt.
Gridiger Lawyers will work together with your advisors to develop and implement a plan that aims to protect your assets. In the example above, we will work with your accountant and financial planner to develop an asset protection plan.
We also assist financial planners, accountants and lawyers with expert advice on estate and succession planning
Tell a friend about Gridiger Lawyers:
tel +61 2 9231 4888
fax +61 2 9221 8201
67 Castlereagh Street
Sydney NSW 2000