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It is very easy for a grieving family to be suddenly and unexpectedly thrust into poverty upon the death of the family breadwinner. That applies to business owners too.
The death of a business owner can have precisely those consequences. It can spell the death of the business and introduce a lifetime of hardship for the family left behind.
“She won’t be right mate!” if you, the former breadwinner, find yourself having a heart attack and you suddenly become a ghost.
The spouse and kids are not going to be too impressed that they still have to repay the loan you mortgaged the house for; especially when they have no income.
Oh you think the business will still provide for them? That was then … when you were alive and well, working your magic. The reality when you are dead is much different.
The financial reality is even worse if you don’t die and find yourself still alive, battling a critical illness or insidious disease and totally dependent on your family.
Now they have to look after you and earn income as well!
Your life can turn to emotional and financial turmoil in an instant. You can go from breadwinner to heavy financial baggage in one unfortunate health event!
So don’t be selfish! Change the future for your business family while you still can!
Build succession and estate planning into your business planning. Australia does have a death tax. It is now called capital gains tax.
Until next time!
For all your business planning in australia call Gary direct on 0408 756 531
Great article here 10 tips for the girst time business owner