It is not necessary for each Business Person to have all of the Needs in order to derive a benefit from the One Page, One Policy Strategy or Complete Succession Plan.

The Strategy will benefit most Business People who have any two or more of the Needs.

Simple Succession Plan

It can also be used for Business People who only require an Asset Strategy or a Simple Succession Plan.

Complete Succession One Policy Worksheet

Click here to see a Risk Analysis Worksheet completed for a Complete Succession Plan held on One Policy pursuant to the terms of a Complete Succession (or Business Insurance Trust) Agreement.

Transfer of Existing Policies to Trustee

One or more existing Self-Owned Policies can be transferred or “parked” under the roof of the Trust, if there are health issues with respect to any of the Lives Insured.

If the Policy is transferred to the Trustee by the Life Insured, the Life Insured continues to be the “original beneficial owner” of the Policy for CGT purposes (so that the transfer does not have any adverse CGT implications).

Identity of Policy Owner and Trustee

The Trustee is usually the Clients' Business itself or one of the entities within the Business Structure (preferably a Company).

Clover Law does not use an Institutional Trustee Company.

Click here to read about your choice of Trustee.

Client Summary of Agreement

Click here to see a brief Summary of the purpose and effect of the Agreement.

Benefits of Agreement

Click here to see a brief Summary of the benefits of the Agreement.

Fixed Legal Fees

The Fixed Fee charged by Clover Law 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.

Standard Legal Fee

Legal Fee (Up to Four Individuals)

Standard Legal Fee: $4,400

NSW and Victorian Agreements

In the case of NSW and Victorian Agreements, the Business might also have to pay Stamp Duty of up to $550 in addition to the Standard Legal Fee. .

Legal Fee (More than Four Individuals)

The above Fees apply for the first four individuals.

There is an additional Fee of $330 per individual for each individual exceeding four individuals.

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.

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.

Original Beneficial Ownership of Policies

The Policy Owner is intended to hold the Policy on behalf of the Beneficial Owner (usually the Life Insured) on the terms of a Trust Agreement.

As a result , any delay in the instructions to prepare the Trust Agreement can result in Capital Gains Tax being paid on the Insurance Proceeds at the time of a subsequent claim.

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

Adviser Tip

Trust Ownership can do everything that Self-Ownership can do, but Self-Ownership can't do everything that Trust Ownership can do.

See more Adviser Tips

Please contact us to arrange a meeting or teleconference.