Private Client and Business Succession

Examples of the types of services provided by our private client and business succession team include the following:

Estate planning - Our focus is on examining each client’s personal and financial circumstances and developing strategies to ensure the distribution and protection of family wealth in a practical and tax efficient manner.

• We specialise in the preparation of Wills which are tailored to suit the testator's circumstances as well as the circumstances of their beneficiaries. Our particular expertise is in drafting Wills with a focus on tax effectiveness and asset protection planning. We understand that many of our clients are concerned about the erosion of their wealth due to the payment of unnecessary tax and unexpected events such as bankruptcy and divorce.
   
• A Will is only one part of a comprehensive estate plan. Our team undertakes a comprehensive review of all structures within a client's portfolio. This includes reviewing existing trust deeds and company constitutions to ensure they are suitable having regard to the client's estate planning strategy. In this respect, we work with both the client and where necessary, the client's professional advisers so we are fully briefed on the client's financial affairs.
   
• Many people now hold a significant proportion of their total wealth inside superannuation but do not realise those benefits will not necessarily form part of their estate on death. An important part of a comprehensive estate plan is to ensure a client's superannuation benefits are appropriately distributed on death.
   
• General and enduring powers of attorney and where appropriate, advance health directives, are also an integral part of a comprehensive estate plan.

Commercial and structuring advice - Our team provides commercial and structuring advice to clients in respect of their business and personal affairs.
Our work in this area includes:

• Establishing and advising on ownership and investment structures including discretionary trusts, unit trusts, public companies, proprietary limited companies and partnerships.
   
• Preparation of constituent documents including constitutions, trust deeds, shareholder agreements, unitholders agreements, partnership agreements and joint venture agreements.
   
• Advising on the rules allowing superannuation funds to borrow to acquire assets and establishing structures to enable borrowing.
   
• Advising on corporations law including corporate governance, director's duties, compliance and disclosure issues.
   
• Asset sale and share transfer agreements.
   
• Loan agreements, mortgage documents and guarantees.

Our work in this area is supported by the Corporate Team.

Business succession planning - Our team has particular expertise in business succession planning including the preparation of buy-sell agreements, shareholders agreements, unitholders agreements and partnership agreements. We have a special interest in advising family business clients on succession issues, whether it is succession of ownership and management to the next generation, or advising on trade sales and management buy-outs.

Estate administration - We provide assistance to executors in the often daunting task of administration of deceased estates, particularly where a grant of probate is required or in complex estates, where there are tax structuring opportunities. We are able to assist clients with the distribution of assets, as well as more complex issues regarding tax effective distribution of superannuation benefits, succession of business interests, discretionary trusts and private companies.

Estate and trust litigation - The private client team at McMahon Clarke Legal is supported by our Litigation and Risk Management Team. Together, we are able to provide advice to and represent estates and beneficiaries in estate litigation matters. This includes family provision applications, matters where the capacity of the testator is in doubt or where there is a question as to the validity of the Will and interpretation of provisions of the Will. We also have experience in advising trustees and beneficiaries on their rights and duties.

Philanthropic giving - We assist clients to establish charitable structures and have particular experience in establishing ATO approved prescribed private funds (PPFs).

The private client and business succession team is led by managing partner Sean McMahon and associate Laura Hanrahan.