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Succession Planning

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Succession planning involves managing the transfer of wealth and other personal and family concerns from one generation of a family to another.

What we offer

Elodus will work with you to develop a succession plan that ensures the transfer of assets to your family in the most tax effective way and in doing so enables you to achieve your lifestyle and financial goals, while taking your children's and other family members' needs and aspirations into account.

Case study

Peter, a farmer, needed to retire for medical reasons but was unable to.  With a limited income, large debt and no lifestyle, he and his wife, Julie, constantly worried about their financial position and future.  Peter expected he would never be able to retire.

Working with their accountant and banker, we introduced Peter and Julie to a specialist succession planning solicitor who was able to put together a succession plan to meet their needs.  This involved restructuring assets, clearing debt and brining Peter and Julie’s son Joshua, who hadn’t worked on the farm in years and had been estranged from them, back into the business.

The farm now has new life and is growing.  Joshua has assumed control over time and will ultimately have legal title to the other assets

Peter and Julie have been able to retire, build a new house and replace their car.  Their income has increased to guaranteed levels beyond their expectations and they are now able to travel twice a year.

More information

For more information, contact us today.