Plan

Aged Care

 

By its very nature the entry of a loved one into Aged Care is an emotional time. This emotion can cloud decision making in even the most rational of people. It also doesn’t help that on top of finding and securing a place within a comfortable facility, Aged Care funding rules and regulations are now some of the most complex you will encounter in your financial life.

 

Information can be hard to come by and is often fragmented, or provided selectively by a source with a particular agenda.

 

Aged Care fees are particularly complex and may include:

  1. Multi layered accommodation payments with a bewildering set of acronyms,
  2. Daily Care Fees,
  3. Means Tested fees subject to annual and lifetime caps and including a value for the family home as well as other assets and income and;
  4. Extra services or “Premium Care” fees.

 

As an accredited Aged Care Specialist, Ted Robson can explain the various fees, charges and tests involved and help determine the best solutions for your family based on your specific circumstances.

Business Structuring

 

What is the correct structure for setting up a new business? Should it be a company, a discretionary trust, a unit trust, a partnership or even a sole trader?

 

Each of these structures have different outcomes from a taxation, asset protection and personal liability viewpoint. We consider your plans and your individual circumstances when setting up the business structure that is right for you.

Company, Trust and SMSF Set-up

 

Lanyon Partners is registered as an ASIC agent. We also have close relationships with service providers who can efficiently provide the relevant legal documentation for establishing new entities.

 

Our service includes the arrangement of tax file numbers, ABN and GST registration and WorkCover and PAYG registration if applicable.

 

From time to time changes to legal documents may be required and we are able to make the necessary arrangements.

Due Diligence

 

In most cases the principle of “buyer beware” applies when acquiring an existing business from a third party. In order to reduce the risk associated with these transactions, it is important to conduct appropriate Due Diligence to ensure that all relevant matters are disclosed before making a decision to proceed.

 

The Lanyon Partners team includes many professionals with decades of experience in assisting clients with these important decisions. We are skilled in investigating and reporting on proposed business transactions and in working with our clients to make sure that the right business decision is made.

Estate Planning

 

Passing away without a valid Will can mean your assets are held up for months or years as the Courts decide who is entitled to your benefits.

 

Whether you need a comprehensive estate plan for a complex family group or you simply want to make sure that your affairs are handled by a trusted friend or family member should you be unable to do so, Lanyon Partners Legal will help ensure your Wills, Powers of Attorney and Guardianships reflect your current wishes.

Investment Advice

 

Lanyon Partners has been building wealth for our clients for almost 50 years.

 

Our advisers are able to draw on a range of investments to tailor the most suitable portfolio for each client’s situation.

Retirement Planning

 

It’s one of the most common questions clients have: “How much is enough?” Just as soon as this question is answered, another pops up: “How do I get there?”

 

Lanyon Partners Financial Advisers are specialists in helping clients understand what is required to fund individual retirement goals and can draw on a range of strategies and investment solutions to ensure you can live the retirement you deserve. What is for certain is it’s never too early to start.

Strategic Tax Planning

 

At Lanyon Partners, we work closely with our clients to consider and implement short and long term strategies so you are positioned to meet your financial goals and preserve your wealth.

Succession Planning

 

In planning for the future it is essential that estate planning and succession planning issues are properly considered.

 

What does a business owner do when they have reached normal retirement age with no future plans for the business? What happens if a serious illness occurs at an earlier age and an urgent decision on the future of their business is required?

 

These types of situations require orderly planning for business succession. Considerations may include:

  • Are there capable people within the business who may become future owners?
  • Is there a desire to retain ownership within the family?
  • Are there competitors or similar businesses that may be interested in acquiring the business?
  • Are existing business partners capable of buying you out?
  • Is insurance in place that can provide proceeds to fund a business transaction?

 

In providing a comprehensive service we make recommendations in areas including:

  • Wills
  • Testamentary Trusts
  • Enduring Power of Attorney
  • Medical Power of Attorney
  • Guardianship

 

We enjoy working with our clients in planning and protecting them in these situations.

Superannuation

 

With recent research indicating that less than half of Australians currently working will have sufficient savings to support a ‘comfortable’ retirement, ensuring you have the right superannuation arrangements for your situation is more important than ever.

 

Common superannuation options include:

  • Industry Funds – Industry funds have their roots in the union movement with most still overseen by boards drawn in part from the union of a particular industry. The aim of these funds is to provide simple, low cost super for their members. Costs are typically below average, however customer support can be minimal and limited investment menus may be offered.
  • Low Cost Retail Platforms – With increased price competition several larger financial providers have launched superannuation products with a focus on minimising cost. Costs for these are typically similar to industry funds however service levels and platform features (e.g. the depth and detail of reporting and investment menus) are scaled down in comparison to higher fee options.
  • Superannuation Wraps – Wrap platforms are a very flexible superannuation option which allows investment in a broad range of managed funds, direct shares, Exchange Traded Funds (ETFs) and term deposits. This allows us to design a personalised portfolio based on your agreed investment strategy. Wraps also feature more advanced reporting and higher levels of administrative support than lower cost platforms.

 

Self-Managed Super Funds (SMSFs) – For clients with larger superannuation balances we often recommend an SMSF to take advantage of cost benefits and provide even greater investment control and flexibility.

Self-Managed Super Funds

 

If you have a larger balance, specific investment needs or just a desire to have more control of how your super is invested, a Self-Managed Superannuation Fund (SMSF) may be the best vehicle to achieve your goals.

 

A team of Lanyon Partners Specialists can provide a TOTAL SMSF SOLUTION, from set-up and contributions, to investments and strategic planning, accounting, audit and compliance needs.

 

With over 500,000 funds and rising, SMSFs are a popular solution for Australians to build wealth for retirement, but the extra freedom comes with extra responsibilities that you can’t ignore (the ATO says so). Contact one of our SMSF experts to discuss if this is the right option for you.

Valuations

 

How much should you pay to acquire a business? What is a fair price and what conditions should be considered when buying or selling a business?

 

We have a substantial group of professionals with experience in many industries. We can utilize this experience in preparing expert valuations and provide further advice to our clients relating to these important business decisions.