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Overview:

Fixed Legal Fees

 

Terms and Conditions:

Legal Fee Policy Concessional Legal Fees

Concessional Legal Fees

Reduced Legal Fees

Original Beneficial Ownership

 

Additional Service Fees:

Additional Fact-Finding Fees

Variations of Draft Agreement

 

Initial Agreements:

Initial Agreements

Content of all Agreements

Current Legal Fees

Inadequate Insurance Proceeds

Trauma Buy/Sell Strategy

 

Alternative Initial Agreements:

Complete (BITA)

Complete (Hybrid BITA)

Simple (Self-Owned BSA)

 

Proprietors Agreements:

Proprietors Agreement

 

Debt Reduction Agreements:

Debt Reduction Agreement

 

Other Services:

Variation Agreements

Meetings and Advice

 

Cost Savings:

Cost Savings

 

 

 

Legal Fee Policy

 

General Terms of Fee Policy

IGS quotes a Fixed Legal Fee, if the Business and Adviser use the Questionnaire, Procedure and standard Agreement.

The standard Questionnaire and Procedure are designed to reduce the cost of a Business Succession Plan.

All Fixed Fees include disbursements and GST.

 

Scope of Standard Agreement

The standard Agreement is designed to accommodate the reasonable requirements of most normal business structures involving arm’s length Proprietors within the standard Fee.

The standard Fees allow 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.

This might occur in a formal Meeting or Teleconference or by way of correspondence (e.g., email).

 

Variations of Standard Agreement

IGS will quote a Fixed Fee with respect to more complex matters, if the standard Agreement must be amended to meet the needs of particular business structures or Clients.

 

Distinction between Standard and Reduced Legal Fees

The IGS Legal Fee Policy distinguishes between Standard and Reduced Fees.

The difference between the two Fees is usually $990.

The difference reflects the extent to which the IGS Documentation Procedure has been complied with.

The Reduced Fee is only available to Clients whose Adviser is entitled to a Concessional Fee.

Click here to read more about the Reduced Legal Fees.

 

Concessional Legal Fees

The IGS Legal Fee Policy distinguishes between Clients whose Adviser is entitled to a Concessional Fee or a Non-Concessional Fee.

The difference between the two Fees for a Complete Succession Agreement is $990.

A Business which is entitled to a Concessional Fee can therefore save $990 with respect to the cost of their Agreement.

Click here to read more about the Concessional Legal Fees.

 

Additional Fact-Finding Fees

It is not always possible to complete all of the details of the Business Structure and Liabilities of the Business in the Client Meeting or Teleconference.

If the information is not supplied in the Questionnaire, there will be an additional Legal Fee of $440 to collect the information from the Business or its Advisers, review it and incorporate it into the Succession Plan and Documentation.

Click here to read more about the Additional Fact-Finding Fees.

Draft Questionnaire

Clients and Advisers should email or fax the draft completed Questionnaire to IGS before formally submitting it, so that IGS can advise what additional information still needs to be supplied.

If this information is supplied with the completed Questionnaire before the Cover is applied for, this will usually avoid the need for the Fact-Finding Fee.

 

Any Variation of Incomplete Draft Agreement

There will be an additional Fee for the finalisation of an incomplete draft Agreement not finalised within six months of the first draft:

  • After six months from first draft: $440

  • After 12 months from first draft: the standard Fee for an Initial Agreement.

Failure to finalise any Agreement promptly can have serious adverse commercial, legal and taxation implications for the Business and the other parties to the Agreement.

Click here for more detail with respect to the cost of Variations of the draft Agreement.

 

Variation of Draft Agreement as a Result of Underwriting Decisions

If a Life Insured is unable to obtain the required amount of insurance (e.g., because of health or premium cost), IGS will not charge for the drafting of any consequential amendments to the draft Schedules for the relevant Life Insured.

Click here for more detail with respect to the cost of Variations of the draft Agreement.

 

Original Beneficial Ownership of Policies

Click here to read about the importance of establishing the Original Beneficial Ownership of the Policies in accordance with the IGS Documentation Procedure.

 

Change of Fee Policy

IGS reserves the right to change the Fee Structure from time to time.

Any change will not affect any Fixed Fee quotation for the preparation of an Agreement that has been accepted and paid in accordance with the quotation.

 

Legal Consultancies

IGS is prepared to provide documentation and advice to other Lawyers on a consultancy basis.

Copyright: Ian Gray Solicitor

 

 

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.

See more Adviser Tips

 

 

 

Current Marketing Schedule

Current Marketing Schedule

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.