The tax benefits of superannuation and self-managed superannuation funds are well known. However, superannuation funds are also significant in estate planning and business succession.   

At an elementary level, many families in business do not want to sell their assets to the next generation. Effectively the business will be “gifted” to the generation who has worked in the family business. This strategy requires that the exiting parents have enough wealth to retire well, benefit other family members and ensure that their spouses do not have financial concerns later on-on.   

This is where superannuation is concerned. An adequately structured superannuation fund with sufficient assets will ordinarily be a cornerstone decision in whether the family business can be gifted or sold to the next generation.   

Beyond the need for a family in business to be wealthy enough to transfer assets to the next generation – superannuation also offers a family in business unique opportunities. The ability for an SMSF to fall outside of the Superannuation Complaints Tribunal – can represent an opportunity for blended families with different interests.   

Further, for families operating an SMSF, controlling a superannuation fund after death is essential. Binding death benefit nominations can assist some– and the control structured through trustees, successor shares, and the solvency of superannuation fund for lumpy assets are all important concepts that need holistic business, super and tax advice.   

At Westcourt, we are focussed on superannuation advice without the conflicting involvement of investment management. Our SMSF specialists understand the estate planning impact of superannuation funds and structuring super funds within a family group to get the ultimate desired family planning outcomes while also considering the family business’s desired business objectives and business goals. And given our ability to consider offshore assets through our global network – it is the best natural choice to choose Westcourt for your superannuation and estate planning needs.     

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