Sorry Olly, but I took the liberty of stealing this topic as inspiration from the link in your last post on the Amish thread.
I wish to open some discussion with a view to engaging ageing members of our forum community for your thoughts. Me, I'm 52 this year (separated from ex three years ago and have two sons 15 & 17) and am currently in discussion with my accountant and a financial planner who works out of the same office regarding future management of my affairs and a phased exit strategy.
We are looking at things such as my retiring from my PAYG Oil & Gas industry job inside the next 8 years, my ability or inability to manage & administer multiple resi properties in years to come, likewise mgmt of 1 x commercial medical office suite in my SMSF, admin of existing family HDT & company and we are looking into initial framework for a testamentary trust / bloodline trust (before we go to solicitor for formal drafting) just so I can cause my sons grief long after I've become a worm droppings.
The fears I have are:
How do I manage the extensive administration of my holdings in later years (some properties are with prpty mgrs, others I currently self manage)? In actual fact I?m also asking myself this question looking at the short to medium term as I am considering travelling and possibly working overseas for extended periods. Do I put everything in the hands of my accountant, or a hire a book keeper & enlist more property mgrs?
Even with most properties currently in the hands of property managers, there remains a myriad of email & hard copy docs & administration continually finding its way to my desk; it is relentless! I have tried to go email for as much as I can, but I still get smashed with hard copy delivered by Aust Post.
How do I ensure all bills and other matters are seen to (paid on time) if I shoot off overseas for work, or if I go on extended holidays both approaching and during PAYG retirement, or if I fall off my perch early in the next few years before my sons are mature enough to grasp financial matters in general, let alone my significant investments?
I have no idea how my sons will turn out in 10, 15, 20 years time in terms of whether or not they would have any interest in managing bequeathed assets or funds, more importantly I wonder if they would even be capable (i.e. responsible enough). Currently my boys are showing zilch from which I can gain comfort. They're not feral or ragbags (yet), but they're simply very immature teenage boys who couldn't give a fat rats clacker about anything at all, other than themselves of course. Neither of them is scholastic and both are giving no indication of where they may end up (career wise).
Although most of my commentary is focusing on these matters while I am still alive??how do I best ensure administration is maintained after I'm gone if my sons are taking some time to mature enough such that they can manage affairs (if they so choose)?
As much as I could say, "liquidate the lot in pension phase, and draw an ongoing annuity for myself then whatever is left when I cark it is left to the kids to sort out"; I would prefer to put a bit more structure to it to ensure the significant assets/benefits are preserved for as long as possible. And none of that answers my questions relating to the huge & ongoing administration of my holdings between now and any such liquidation (or whatever transition vehicle is chosen).
So I have gone off on a wee tangent from the link, but I'm quite sure there will be some of you out there who are, or will be, looking into these matters yourselves in due course. I would greatly appreciate your feedback and methods you have already adopted ,or may adopt in the future.
Before I go I'd like to clarify that I have read the numerous threads re leaving assets to kids, wills & testamentary trusts etc?unfortunately none of the threads I came across looked into administering & managing IPs into our twilight years.
Thanks for your time.
Ian.
I wish to open some discussion with a view to engaging ageing members of our forum community for your thoughts. Me, I'm 52 this year (separated from ex three years ago and have two sons 15 & 17) and am currently in discussion with my accountant and a financial planner who works out of the same office regarding future management of my affairs and a phased exit strategy.
We are looking at things such as my retiring from my PAYG Oil & Gas industry job inside the next 8 years, my ability or inability to manage & administer multiple resi properties in years to come, likewise mgmt of 1 x commercial medical office suite in my SMSF, admin of existing family HDT & company and we are looking into initial framework for a testamentary trust / bloodline trust (before we go to solicitor for formal drafting) just so I can cause my sons grief long after I've become a worm droppings.
The fears I have are:
How do I manage the extensive administration of my holdings in later years (some properties are with prpty mgrs, others I currently self manage)? In actual fact I?m also asking myself this question looking at the short to medium term as I am considering travelling and possibly working overseas for extended periods. Do I put everything in the hands of my accountant, or a hire a book keeper & enlist more property mgrs?
Even with most properties currently in the hands of property managers, there remains a myriad of email & hard copy docs & administration continually finding its way to my desk; it is relentless! I have tried to go email for as much as I can, but I still get smashed with hard copy delivered by Aust Post.
How do I ensure all bills and other matters are seen to (paid on time) if I shoot off overseas for work, or if I go on extended holidays both approaching and during PAYG retirement, or if I fall off my perch early in the next few years before my sons are mature enough to grasp financial matters in general, let alone my significant investments?
I have no idea how my sons will turn out in 10, 15, 20 years time in terms of whether or not they would have any interest in managing bequeathed assets or funds, more importantly I wonder if they would even be capable (i.e. responsible enough). Currently my boys are showing zilch from which I can gain comfort. They're not feral or ragbags (yet), but they're simply very immature teenage boys who couldn't give a fat rats clacker about anything at all, other than themselves of course. Neither of them is scholastic and both are giving no indication of where they may end up (career wise).
Although most of my commentary is focusing on these matters while I am still alive??how do I best ensure administration is maintained after I'm gone if my sons are taking some time to mature enough such that they can manage affairs (if they so choose)?
As much as I could say, "liquidate the lot in pension phase, and draw an ongoing annuity for myself then whatever is left when I cark it is left to the kids to sort out"; I would prefer to put a bit more structure to it to ensure the significant assets/benefits are preserved for as long as possible. And none of that answers my questions relating to the huge & ongoing administration of my holdings between now and any such liquidation (or whatever transition vehicle is chosen).
So I have gone off on a wee tangent from the link, but I'm quite sure there will be some of you out there who are, or will be, looking into these matters yourselves in due course. I would greatly appreciate your feedback and methods you have already adopted ,or may adopt in the future.
Before I go I'd like to clarify that I have read the numerous threads re leaving assets to kids, wills & testamentary trusts etc?unfortunately none of the threads I came across looked into administering & managing IPs into our twilight years.
Thanks for your time.
Ian.