The difference is significant with Morrows in that our legal department closely collaborates with the various other business disciplines. This multi-disciplinary approach is fairly unique in the marketplace and facilitates specialised estate planning. This includes sophisticated family, business succession and estate planning advice for high net worth individuals and/or individuals with complex situations, for example blended families.
Many lawyers may only have training in the basics of estate planning and be relatively constrained when providing holistic estate planning advice. Understanding the value of a range specialist trust structures available and the interaction between estate assets, tax benefits and wealth accumulation is often overlooked when establishing an estate plan.
Morrows acknowledges that its clients’ needs are specific and dynamic. Through multi-disciplinary collaboration, Morrows can provide a comprehensive estate planning offering and our clients greatly value our team’s ability to provide innovative solutions in areas of:
- Leaving a lasting legacy for future generations
- Ensuring family values, not just assets, are passed on
- Philanthropic endeavours
Leaving a lasting legacy for future generations
Through a process of collaboration, Morrows Legal, Tax and Private Wealth divisions can collaboratively review your financial circumstances and gain an in-depth understanding of your short and long term estate planning objectives.
At this point, Morrows can effectively structure and recommend an investment strategy for your estate assets, utilising specialised structures available to optimise tax and wealth accumulation. A tailored investment solution will enhance your ability to ensure the assets you have worked hard for can be managed appropriately across generations while retaining your family values and intended purpose.
In addition, to ensure that the family’s generational planning is recorded now and for future generations, Morrows Legal can draft a specialist trust deed tailored to provide certainty and understanding that the entity which you have established is line with your wishes, family goals and long term objectives.
Ensure family values not just assets are passed on
A multi-disciplinary business approach in the financial and legal services industry is becoming more and more desired, as clients recognise the need and value in having a coordinated approach to structuring their affairs. Morrows has been offering an integrated service package to meet these needs for some time.
More recently Morrows has been involved in the drafting of family constitutions, in order to ensure family values and sensitivities are considered now and in the future with regard to their estate assets. This approach provides the client with peace of mind that their long term vision and strategy for the estate assets will be adhered to. Taking a proactive approach also ensures policies will be in place in the event of family conflict, to mitigate and resolve any issues a.
As a result of addressing these items families will avoid problems before they occur, reduce family tension and misunderstandings, codify their family values and improve future decision making based on objectively drafted principles.
Philanthropic endeavours
Morrows assists client philanthropy by establishing tax effective charitable entities to provide a gift to their chosen cause that may last many generations. Morrows has a long term relationship with one of Australia’s leading philanthropic providers, which supports our team in meeting client needs.
A common structure used for philanthropic endeavours is a private ancillary fund, which essentially allows individuals and their family members to plan their philanthropy at any stage of life. There are many benefits for families who may wish to create a philanthropic mindset in the younger generations while maintaining control over the underlying investments and maximising the tax effectiveness of their generosity.
Whatever vehicle you choose, most importantly it will mean you reach your philanthropic goals knowing that your donations reach causes that are important to you.
How can Morrows Legal help?
Morrows Legal is a law firm that is results driven and focused on providing clients with high quality and cost effective advice on superannuation, taxation, estate planning, wills and asset protection legislation.We welcome the opportunity to discuss your needs to identify the areas in which we can assist and provide advice. Please do not hesitate to contact Morrows Legal on:Telephone: (03) 9690 5700 or Email: legal@morrows.com.au
Disclaimer: The information provided in this communication is general in nature and not intended to be advice. You should contact our office for further information or for a tailored solution to your needs.