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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

 

 

 

Reduced Legal Fees

 

Distinction between Standard and Reduced Legal Fees

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

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

Original Beneficial Ownership of Cover

The Reduced Fee applies where the "Original Beneficial Ownership" of the Cover for Capital Gains Tax purposes has been established in accordance with the IGS Documentation Procedure.

The IGS Procedure and Documentation together obtain CGT exemptions that might not otherwise be available.

However, if the Procedure is not followed, there is a risk of a CGT liability at the time of a claim.

The Procedure and Fee Policy are designed to minimise the risk that Advisers or Clients will take shortcuts that have serious CGT implications at the time of a claim.

The CGT issues are explained in more detail here.

 

Standard Fees

The Standard Fees assume that:

  • the Proposals will be signed by the Trustee before they are submitted to the Insurance Company (see here);

  • the completed Questionnaire and payment will be forwarded to IGS before the Proposals are signed by the Trustee and submitted to the Insurance Company;

  • no substantive amendments to the standard Agreement are required; and

  • all necessary instructions are supplied and the Agreement is finalised and signed within six months of the first draft.

 

Reduced Fees

The Reduced Fee is only available if complete instructions and payment are received before the Policy Owners apply for the Cover, because of the above CGT issues.

If this condition is not met, it may be be necessary to prepare an Original Beneficial Ownership Agreement and/or cancel and re-issue the Policies (in addition to paying the Standard Legal Fee).

 

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 Reduced 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.

 

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.

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.