Wealth Protection

Insurance

What is personal risk insurance?

Most people know the benefits of insuring their car, home and other possessions. But too few people realise the importance of insuring their biggest income producing asset – themselves. If you suffered an accident or injury and were no longer able to work, would your family still be able to pay the bills? A personal risk insurance policy lets you insure against the chance you won’t be able to earn money. It makes sure your basic living expenses continue to be paid if an accident or injury means you can no longer meet them yourself.

There are four main types of personal risk insurance:

  • Life insurance – Pays a lump sum if you die or suffer a terminal illness so your family can continue to maintain its standard of living or pay off any debts.
  • Total and permanent disability (TPD) insurance – Pays a lump sum if you suffer a disability and become totally and permanently disabled.
  • Income protection insurance – Pays a monthly income to support you if an illness or injury means you’re unable to work.
  • Trauma insurance – Pays a lump sum if you’re diagnosed with a specified medical condition (such as heart attack, stroke or cancer).

What kind of insurance do you need and why is it important?

As your lifestyle and financial position changes over time, so do your risk insurance needs.

Choosing the right type of personal risk insurance also depends on your current income and your existing financial commitments.

Succession Planning

Planning for the day you leave your business is a valuable investment. Whether you decide to sell up, retire or have to get out of business due to health reasons, it’s important that you spend the time with your family and/or your business partners and plan what you are going to do. A succession or exit plan can help you outline what will happen and who will take over your business when you leave.

A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.

At Carbone Partners we can assist you in preparing for sale well before you put your business on the market:

Selling a business involves the following steps:

  • Determining whether selling is the right option
  • Preparing your business for sale.
  • Setting the right sale price.
  • Marketing and making the sale.

We make sure your succession plan is attainable by setting a realistic timetable and measurable milestones along the way.  Your succession plan may include details of:

  • The successor; family member, business partner, other.
  • Succession type; partial or full succession.
  • Timeframe.
  • Key personnel changes and skill retention strategies.
  • Restrictions.
  • Legal considerations; buy-sell agreement, reference to a will.
  • Risk management.
  • Communication strategy.
  • Financial considerations; retirement income, sale price, tax implications.

Estate Planning

Your estate plan assists you to identify and articulate your wishes in the event of your ultimate death and determines strategies that plan to provide for your surviving family to get the right assets to the right people at the right time.

Estate planning gives you peace of mind that your affairs will be in order if you die unexpectedly or become unable to manage your affairs. The structure of an estate plan will vary according to your personal circumstances, but every estate plan has the same goal – to ensure your accumulated assets are managed and transferred according to your wishes in the most financially efficient and tax effective way.

At Carbone Partners the independent financial advisor and specialist accountants work and coordinate legal services (through our affiliate network) on your behalf, to help you develop a logical and strategic estate plan that could:

  • Provide for and protect loved ones with specific needs, including children.
  • Ensure your children’s inheritance receives increased asset protection if a relationship breaks down.
  • Ensure you receive professional advice on how to structure your assets to gain available tax advantages.
  • Ensure your wishes are recorded in legally binding documents, free from ambiguity; and
  • Provide you with peace of mind knowing, should you die or be unable to legally manage your affairs, that they will be managed by someone you trust.

 

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