Checking blind spots is crucial when
advising clients. Here’s a preview of the 2019 SA Private Business Day.
advising clients. Here’s a preview of the 2019 SA Private Business Day.
The operating environment for private
companies is increasingly competitive and complex. Many now investigating how
to implement effective structuring and growth strategies, in local and global
markets.
companies is increasingly competitive and complex. Many now investigating how
to implement effective structuring and growth strategies, in local and global
markets.
Julie Van der Velde, CTA, Principal and Founder
of VdV Legal will be presenting at the 2019 SA Private Business Day at the
Adelaide Convention Centre on Friday, 2 August.
of VdV Legal will be presenting at the 2019 SA Private Business Day at the
Adelaide Convention Centre on Friday, 2 August.
Her session will take a practical look at
planning for the risk, if a person in charge loses legal capacity - What if your client doesn’t die? Planning
for loss of capacity.
planning for the risk, if a person in charge loses legal capacity - What if your client doesn’t die? Planning
for loss of capacity.
Julie has spent over 20 years working with
SME businesses in South Australia and interstate, with a focus on family
business and intergeneration transfers. Julie has been affiliated with The Tax
Institute since 2002, winning The Tax Institute’s SME Tax Adviser of the Year
award in 2017.
SME businesses in South Australia and interstate, with a focus on family
business and intergeneration transfers. Julie has been affiliated with The Tax
Institute since 2002, winning The Tax Institute’s SME Tax Adviser of the Year
award in 2017.
“Elder
laws and problems that arise around loss of capacity have been increasingly
reported in the media in recent years, particularly in respect of elder care
issues considered by the Royal Commission,” she says.
laws and problems that arise around loss of capacity have been increasingly
reported in the media in recent years, particularly in respect of elder care
issues considered by the Royal Commission,” she says.
“It has
been estimated that the number of people living with dementia will continue to increase
over time.
been estimated that the number of people living with dementia will continue to increase
over time.
“Inevitably
some of these people will be our clients.”
some of these people will be our clients.”
She adds
that advisers will need to be able to assist businesses where the person in
charge becomes unable to make decisions, sign documents, access the bank, instruct
the advisor, etc.
that advisers will need to be able to assist businesses where the person in
charge becomes unable to make decisions, sign documents, access the bank, instruct
the advisor, etc.
Delegates
can hope to leave Julie’s session with a deeper understanding of the ways business and management issues are impacted on a key
person’s loss of capacity.
can hope to leave Julie’s session with a deeper understanding of the ways business and management issues are impacted on a key
person’s loss of capacity.
Julie says “we will also discuss some of
the tools currently available to manage these issues and how control of
structures can be changed without the key person’s involvement.
the tools currently available to manage these issues and how control of
structures can be changed without the key person’s involvement.
“Attendees will gain the information they
need to sit down with a client and start that first, very difficult,
conversation about ‘what will happen to the business if you are unable to make
the decisions?’ and how those issues can be addressed.”
need to sit down with a client and start that first, very difficult,
conversation about ‘what will happen to the business if you are unable to make
the decisions?’ and how those issues can be addressed.”
Always
check the blind spots
check the blind spots
As in most areas
of tax, checking all blind spots can be crucial when advising clients.
of tax, checking all blind spots can be crucial when advising clients.
When asked about
this area of practice, Julie says “the biggest blind spot is simply that most
business people never consider how loss of capacity in a key individual might be
managed.
this area of practice, Julie says “the biggest blind spot is simply that most
business people never consider how loss of capacity in a key individual might be
managed.
“Frequently,
there are no plans for this eventuality.
there are no plans for this eventuality.
“Extensive
estate planning can often ignore the issue altogether and the most carefully
laid plans can simply fall apart when the client does not die!”
estate planning can often ignore the issue altogether and the most carefully
laid plans can simply fall apart when the client does not die!”
Julie adds that
transfers of business ownership and control planned in the context of death may
have significant tax and duty consequences if there is no death and may not
even be possible in the form planned.
transfers of business ownership and control planned in the context of death may
have significant tax and duty consequences if there is no death and may not
even be possible in the form planned.
So, will we see
you at the SA Private Business Day? Register
now.
you at the SA Private Business Day? Register
now.
About Julie
Julie has two
sons and a granddaughter who all live in South Australia. When not knee deep in
tax she enjoys a good book with an even better glass of wine and is currently
working her way through some of the Booker Prize winners.
sons and a granddaughter who all live in South Australia. When not knee deep in
tax she enjoys a good book with an even better glass of wine and is currently
working her way through some of the Booker Prize winners.
Find out more
about the SA Private Business Day on
our website.
about the SA Private Business Day on
our website.
