Succession planning incorporates content accounting by identifying critical roles, assessing employees’ skills and knowledge, and developing tailored development plans to prepare potential successors for leadership positions. It ensures a smooth transition and continuity of key responsibilities within the organization.
Retirement Planning
- Can you retire when you want to?
- How do you want to retire… i.e. do you want to ease down or stop altogether?
- How much super will you need for retirement?
With your retirement goals worked out, you’ll need strategies to put it into place. These could include:
- Making extra contributions to build your super while you’re still working.
- Taking advantage of transition to retirement if you’re able to access your super but you want to ease off from full-time work without giving up work completely.
- Investigating how best to use an investment property.
- Working out how your super and the Australian Government Age Pension can work together.
Will, Trusts and Estate Planning
Estate Planning involves much more than having an up to date will. It is important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries. In Australia, if you die without a valid will – known as dying ‘intestate’ – a court-appointed administrator could be charged with distributing your assets and even deciding who looks after your children if they are under 18. He or she may follow a pre-determined formula that could lead to a very different outcome to the one you wanted, which could cause delays in settling your estate.
Studies show that 45 per cent of Australians don’t have a will so if you don’t have one, then it’s time to join the 55 per cent. Estate planning can be complicated, but it’s important to do things properly so that your family can avoid any potential legal or tax issues – especially as regulations change over time. At a time when your loved ones are coping with a loss, don’t leave them with additional hurdles to overcome.
