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A Succession Plan needs to cover many areas and should look at answering a range of questions including:
- How will the current owners fund retirement?
- Will you be eligible for a Pension?
- When and who will receive the assets?
- Do you gift and or sell your assets?
- Possibility of aged care and costs involved
- Cost such as Income Tax, Capital Gains Tax and Stamp Duty
The above questions are just a sample of what needs to be covered in a Succession Plan. Good planning will answer these questions, as well as, draw out the difficult issues which a family may face. It is because of these difficult issues that business owners should not ignore the need for Succession Planning. To ignore the so called “elephant in the closet” could result in substantial financial and emotional costs.
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