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Overview:
Terms and Conditions: Legal Fee Policy Concessional Legal Fees
Additional Service Fees:
Initial Agreements:
Alternative Initial Agreements:
Proprietors Agreements:
Debt Reduction Agreements:
Other Services:
Cost Savings:
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Initial Agreements
The Initial Agreement is the Agreement that establishes the legal, taxation and commercial framework of the Business Succession Plan. It is different from a Variation Agreement, which documents any changes to the content of the Succession Plan.
Meetings and Advice The standard Fee for a Business Insurance Trust Agreement allows for up to two (2) hours’ consultation with the Adviser or Client with respect to the Client’s needs and the completion of the Questionnaire.The consultation and advice may occur by physical meeting or teleconference. This is sufficient to deal with the requirements of most Businesses. If additional time is required, IGS will quote an alternative Fixed Fee. Self-Ownership Business Succession Agreement The standard Meeting and Advice Fee is additional to the cost of a Self-Ownership Business Succession Agreement.
Alternative Business Succession AgreementsIGS offers a number of alternative Business Succession Agreements: IGS can use any one of the Agreements to document a Simple Succession Plan. However, it uses either a Business Insurance Trust Agreement or a Hybrid Business Insurance Trust Agreement to document a Complete Succession Plan.
Identity of Policy Owner and Trustee Self-Ownership Business Succession Agreement If a Self-Ownership Business Succession Agreement is used, the Policy Owner will be the Life Insured personally. A Trustee is not required for the Self-Ownership Business Succession Agreement. Business Insurance Trust Agreement If a Business Insurance Trust Agreement is used, the Policy Owner will hold the Policies as a Trustee. The Policy Owner and Trustee is usually the Clients' Business itself or one of the entities within the Business Structure (preferably a Company). IGS does not use an Institutional Trustee Company. Click here to read about your choice of Trustee. A Trustee is not required for the Self-Ownership Business Succession Agreement.
Fixed Legal Fees The Fixed Fee charged by IGS depends on the choice of Agreement. Click here to see the current Fees for all Agreements and Services. These Fees apply subject to the Legal Fee Policy.
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Adviser Tip The standard Fee allows for up to two (2) hours’ consultation with the Adviser or Client with respect to the Client’s needs and the completion of the Questionnaire.
Ian Gray travels to most capital cities regularly throughout the year and is available for Meetings. Please click here to see his availability in Brisbane, Sydney, Melbourne, Adelaide and Perth. Please contact us to arrange an appointment or teleconference. |
