Asset Protection
It can take a lifetime to grow your assets but only a short period of time to lose them. As a business owner, you probably realise that operating and owning a business can be quite risky. The objective of the asset protection is to prevent or significantly reduce the risk by insulating your business and personal assets from the claims of creditors or other parties. Bates Cosgrave can help you to implement smart and legal strategies to protect your property and personal wealth from potential loss of control.
Managing Risks
Planning your financial future is more than just building wealth. It’s also about ensuring that you are managing future risk and protecting it for the next generation.
Planning for the unexpected
It’s not uncommon for many of us to underestimate or overlook the impact of sudden, unexpected life events that can affect financial goals or plans, for example:
- Exposure to business risks and the potential impact on your personal assets
- Loss of income during an extended period of illness or injury
- Permanent income loss because of disability or long-term illness and the impact on your family or business
- The impact on your family if you or your partner dies
How can you manage your wealth risks?
Our team will work with you to understand your current wealth strategy, business structure and personal tax position. We work with our knowledge network to tailor a risk management strategy to help protect you, your family and business against these risks by:
- Ensuring your personal and business insurances are appropriate and adequate.
- Reviewing your investment structures to ensure they don’t expose you to unnecessary risk or tax.
- Creating an estate planning strategy and putting into place wills, testamentary trusts or other tax vehicles to protect your family and property.
- Understanding your current business and personal debt structures to ensure they spread the risk.
To find out more, contact our team on 02 9957 4033 or email us with your enquiry and we’ll contact you to discuss risk management appropriate to your circumstances.
ASSET PROTECTION SERVICES
Managing Risks
Planning your financial future is more than just building wealth. It’s also about ensuring that you are managing future risk and protecting it for the next generation.
TESTIMONIALS
Before I depart Macquarie, I want to say thank you to Better Bookkeep It for looking after our accounts. Especially, Koko has done an outstanding job, ensuring that nothing has fallen through the cracks. Her diligence and attention to detail has made the process seamless. All work was turned around quickly and it was a pleasure to work with her.
Kim Masters
Thank you for your help with getting our temporary residency needs sorted – your prompt help and efficiency with LAFHA will make a big difference for myself and my fiance.
David Howard
It is so refreshing to deal with people who are caring, helpful and keep their promises. Bates Cosgrave’s extensive knowledge in tax and accounting for medical practitioners was incredibly valuable and timely for us, especially, Mr Zhou’s professional Tax and Accounting consultancy and excellent service to my company has impressed me very much!
Jia Li
Actelion has experienced and enjoyed a great working relationship with Bates Cosgrave. They have advised on and processed all our employment related taxes for many years with ease and the utmost professionalism. This includes a commendable holistic service on the recent employee share scheme changes. I would personally recommend Bates Cosgrave.
Allen Pickering
Bates Cosgrave came highly recommended before I decided to move back to Australia, as they have the capacity to understand complex issues beyond the Australian border. From my perspective, my choice of advisor must be technically strong, personal and professional, responsive, prudent, practical, transparent and trustworthy. I am pleased that Bates Cosgrave delivers all of these as part of my relationship with them.
Steve Bellotti
LATEST NEWS
Click on the links below for our latest news and if we can assist you, please contact the Bates Cosgrave team on 02 9957 4033.
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Everyone knows that you don't pay tax on the family home when you sell it, right? We take a closer look at the main residence exemption.
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The Australian Tax Office (ATO) has released new guidance material that directly targets how trusts distribute income.
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Discretionary trusts provide a lot of benefits from a tax perspective but should you appoint an Individual or a Corporate Trustee?