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SMSF Succession Diagnostic Service

Description Price
SMSF Succession Diagnostic Service from $2,000

Succession planning is a critically important aspect of successfully operating an SMSF, though it is often overlooked. Every SMSF member should develop a personal succession plan to ensure there is a smooth process in place to govern succession to control of the fund that fits in with their other estate and succession planning arrangements. Indeed, in times of uncertainty and heightened risk of illness, this is even more critical than ever.

DBA Lawyers SMSF Succession Diagnostic Service

DBA Lawyers provide a personalised SMSF Succession Diagnostic Service to assist clients with their SMSF succession plans, helping them achieve their objectives with as much certainty as possible and minimising future risk of legal challenge.

The SMSF Succession Diagnostic Service involves an appointment with one of our expert lawyers to discuss your SMSF succession planning needs or a general SMSF diagnostic. We gain a detailed understanding of your individual circumstances and goals and provide feedback on the key options and strategies available to implement those goals.

What is succession planning?

SMSF succession planning broadly aims to ensure:

  • that the right people receive the intended proportion of SMSF money and assets; and
  • that the right people gain control of the SMSF to ensure that superannuation benefits are paid as intended

An optimal SMSF succession plan should achieve these goals in a timely and legally effective manner, with minimal uncertainty and in as tax efficient manner as possible.

Naturally, clients may have more specific goals such as retaining the maximum amount in the superannuation environment (eg, making a pension revert to a surviving spouse) and retaining specific assets in the family blood line (eg, where superannuation is paid to the deceased member’s executors and managed in a testamentary trust for the deceased’s spouse and/or children) and we can tailor our services to achieve specific objectives.

right person

Typical issues covered by our SMSF Succession Diagnostic Service

In recent assignments we have encountered a number of common issues that we address in our SMSF Succession Diagnostic Service that may be relevant for a number of our clients. For more information on the issues we have covered so far, click here.

General considerations in succession planning

There are also important general considerations in succession planning. However, there is no ‘one size fits all’ solution and each succession plan should be tailored to suit the client’s circumstances and goals. For more information about key considerations in succession planning, click here.

DBA requirements and fee information

Our SMSF Succession Diagnostic Service is a consulting service where the scope our engagement generally involves:

  • Reviewing relevant background facts and source documents.
  • Undertaking investigation or research to confirm any particular issues and matters that require further consideration.
  • Providing initial oral feedback in a video conference (eg, Zoom) or phone call for up to 1.5 hours.

Our fees for this service typically start from $2,000 + GST. However, due to the variable nature of this kind of assignment, we will confirm our fee estimate once we have received initial instructions regarding the scope of the assignment and have reviewed the range and complexity of documents we need to review and provide feedback on.

Naturally, we can also be engaged on the basis of our usual fee rates to provide consulting advice without a formal brief. These rates range between $300 to $640 + GST per hour depending on the lawyer’s experience and qualifications.

Please contact one of our senior lawyers if you are interested in our SMSF Succession Diagnostic Service.

For more information and related articles

For more information about our SMSF Succession Diagnostic Service including typical issues covered by the service and general considerations in succession planning, click on the article listed below:

For more information on the importance of succession planning, click on the articles listed below:

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