Growing and protecting your wealth

Most people have assets. These might be in the form of a family home, a car, a business (such as a professional practice), a share portfolio, investment property, valuable artworks and so on. Most people who are fortunate enough to have a lot of valuable assets need a way to protect this wealth from risk.

We all know that you can’t take your wealth with you when you die. Wealth protection strategies are designed to prevent others taking your wealth from you while you are still alive. Wealth protection planning is a process by which the assets that make up a person’s wealth, whether they are personal assets, business assets or other investments, are organised so as to protect them from risk.

Building on the wealth that you already have is also a common goal. Investment opportunities can help you to grow your wealth. However, you need to ensure that the correct legal structures are in place, and that you understand the intricacies of the investment. Keeping your current wealth safe is always of paramount importance.

At Stacks Law Firm, we have lawyers from 25 offices in NSW specialising in the growth and protection of wealth. Our specialists regularly come together via conference calls and face-to-face meetings to share common precedents, pool resources and collectively problem solve. This is a real advantage for individual clients, who benefit from the shared knowledge of many experts.

Stacks can provide advice about secure and sound legal structures to help grow and protect your wealth, as well as minimising any negative repercussions in the case of credit issues.

What risks do I need to protect myself from?

We live in an increasingly litigious society. Litigators are becoming more and more aggressive. In fact, Australia is recognised as the second most litigious country in the world (after the United States). People can become defendants in lawsuits in which substantial damages are sought against them, through no fault of their own. Quite often, insurance is either unavailable or inadequate. It is not uncommon for the cost of defending a claim, let alone the cost of satisfying the claim if you lose, to be financially crippling.

Also, Australia is among the most highly regulated countries in the world, with virtually all business activity being the subject of state and/or federal government regulation of one kind or another. Some regulation is so complex that maintaining total compliance at all times is virtually impossible. The penalties imposed for failing to comply with regulations can also be financially crippling.

What specific risks could put my wealth in danger?

Claims made by a former spouse, or de facto partner, following a relationship breakdown
Claims made by disgruntled business associates or employees
Claims arising out of a person suffering a serious illness

These risks can arise out of circumstances that are neither foreseeable, nor involving illegal or self-destructive conduct. They can arise out of the everyday activities of people going about their business.

How do I know if I need wealth protection?

Everyone should have strategies in place designed to protect their wealth. But some people are more obviously in need of wealth protection strategies than others. These people include:

The very wealthy
Those in the public eye who have some degree of celebrity status. Often, people such as these are seen as prime targets for overzealous litigators and regulators
People who have a concern or suspicion that they may face some form of legal, financial or even medical difficulty in the not too distant future
People who own a business, or who are engaged in a professional occupation. Any business owner or professional practitioner is at risk of being sued

What are some examples of successful wealth protection strategies?

Importantly, there is no one-size-fits-all wealth protection strategy. Each person’s particular circumstances need to be carefully reviewed, and a strategy developed that is appropriate for those circumstances.

Some strategies that often form part of a wealth protection plan are:

Using companies and trusts to quarantine assets that involve an inherent degree of risk.
Ensuring that active assets (such as a business) and passive assets (such as a share portfolio or real estate investment) are owned by different entities
Giving inherited wealth to your beneficiaries and receiving inherited wealth from your benefactors through testamentary trusts
Skilful use of debt and securities, particularly debt and securities involving companies and trusts in which you have an interest
Structuring the appointment of company directorships within a family group to limit the family group being exposed to risk arising out of directors’ liabilities
Strategic use of superannuation and insurance
Developing agreements to deal with the orderly succession of business ownership after critical events such as death, disability and voluntary retirement

How can I grow my wealth?

There are many strategies for building on the wealth that you already have, such as investing in property or shares, taking advantage of certain superannuation options, or setting up trusts. Receiving professional advice can help you to understand any taxation implications and minimise risks when you are making important financial decisions.

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