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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

 

 

 

Variation Agreements

 

A Variation Agreement is any Agreement that documents any changes to the content of the Succession Plan and the Initial Agreement (including the termination of the Agreement).

Please see here for details of variations of the Succession Plan that would or would not require a Variation Agreement.

The Variation Fee does not normally depend on whether the Adviser has a current Licence to use the IGS Marketing System and Materials.

 

Examples

Click here to see examples of the types of change that can occur.

 

Supply of Instructions

The Fixed Fees assume that all information with respect to the amended Succession Plan will be supplied by the Business or the Adviser in the form of completed IGS Worksheets or marked-up copies of the current Schedules to the Agreement.

IGS will advise what instructions are required, when supplying a Fixed Fee Quotation.

Fact-Finding and Advice Fee

If complete instructions are not supplied, IGS may charge a Fact-Finding and Advice Fee.

The minimum Fact-Finding fee is $440 (which is additional to the Variation Fee).

Allowance has been made in the standard Fixed Fee for minor email or telephone advice with respect to the requirements of a Variation.

There is no provision in the Variation Fee for Meetings or formal Teleconferences.

If the Adviser is unfamiliar with the procedure or additional Advice is required by either the Business or the Adviser, IGS will quote an alternative Fixed Fee for a Variation Agreement.

Most Variation Agreements are completed for the standard Fixed Fee.

 

Legal Fee

Standard Legal Fee:

$275 per individual (if less than three years since previous invoice)

$385 per individual (if more than three years since previous invoice)

Minimum Fee:

$550

 

Fact-Finding and Advice Fee (if applicable)

Minimum Fee:

$440 (additional to the Variation Fee)

 

Trustee's Variation Fee

If an institutional Trustee is the Policy Owner, it charges a Variation Fee of $125.

IGS will pay any Variation Fee charged by the standard Trustee out of the Legal Fee (provided that the Legal Fee is paid within the required time).

This means that the only cost to the Business with respect to a variation will be the standard Legal Fee.

If the Business does not use IGS to prepare any Variation Agreement or Documentation, the institutional Trustee's Variation Fee will be $440.

 

Cost Savings Fund the Cost of Changing Your Agreement

Regardless of the type of Agreement that documents your Succession Plan or Buy/Sell arrangements, there would be costs associated with any future variation of the Agreement.

However, the cost of variations of the Business Insurance Trust Agreement is designed to be funded as far as practicable within the scope of the savings in Policy Fees and Premiums.

In summary, the Business Insurance Trust structure is designed to save money, some of which is then used to fund the cost of keeping your Succession Plan up-to-date.

Click here to read about the Cost Savings that result from the use of the One Policy Strategy and Agreement.

 

Copyright: Ian Gray Solicitor

 

 

Adviser Tip

Regardless of the type of Agreement that documents your Succession Plan or Buy/Sell arrangements, there would be costs associated with any future variation of the Agreement.

However, the cost of variations of the Business Insurance Trust Agreement is designed to be funded as far as practicable within the scope of the savings in Policy Fees and Premiums.

 

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.