PROTECTION PLANNING MADE EASY

Nick Roberts

Supposing you die, you have an accident, a major family conflict occurs, you are sued, your marriage breaks down, you can't meet your debt obligations, laws change that adversely affect your business, fire breaks out or you lose all your business records? Successful businesses have a disaster recovery plan, a risk identification process and a protection plan which includes:

• Up-to-date wills, enduring powers of attorney and memorandum of wishes
  
• Business insurance including loss of profits
  
• Utilising the best business structure designed specifically for your circumstances
  
• Making sure your ACC cover is appropriate
  
• A strategic and succession plan
  
• Life, medical & trauma cover
  
• Regular health checks
  
• Sickness and accident cover.
  
• Back-ups, security and controlled access for business records
  
• A disaster recovery plan
  
• Taxation planning for death, sale or succession
  
• Open and clear communication with potential successors or beneficiaries
  
• A matrimonial agreement
  
• Regular meetings with proactive knowledgeable professionals as a team

Far too many business owners do nothing or only take action in response to an incident or occurrence, a knee jerk reaction to something that is forced upon them such as a breakdown in a personal or business relationship or a visit to a medical professional who conveys bad news. Why would you put your loved ones or your business at risk, something into which you have invested so much energy, effort and time?

If you have any tax or business queries of any kind telephone 0800 ASK NICK, e-mail nick@abac.co.nz or click Contact Us on www.abac.co.nz. The information in this article is of a general nature and should not be relied upon as a substitute for specific advice.