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Navigating the Future of Estate Planning: A Strategic Alliance Between Advisers and Legal Experts

1. Introduction

In the face of an imminent $3.5 trillion generational wealth transfer in Australia, the stakes for adequate protective estate planning have never been higher. Fidelity Investments underscores this critical financial shift, while a 2015 Queensland University study alarms with statistics — over half of wills undergo contestation, with a staggering 76% of these challenges succeeding. Amid such turbulence, establishing Living Family Protection Trusts, crafting protective Wills, and solidifying succession lines across all business and investment structures are not mere considerations; they're necessities.

Accountants and financial planners stand at the forefront of this tidal wave according to Fidelity, ideally positioned to steer their clients through the complexities of protective estate planning. However, a prevailing hesitance anchors many — a justifiable wariness of infringing upon the Legal Professions Act coupled with a gap in expertise regarding intricate family wealth protection strategies.

Three Adviser Challenges:

  1. Legal Risks: Navigating the Legal Professions Act without breach requires precise legal knowledge, often beyond an adviser's scope.

  2. Expertise Deficit: Comprehensive estate planning demands specialized strategies that can be complex and multifaceted.

  3. Resource Intensive: Creating bespoke estate plans can be time-consuming, detracting from an adviser's core services.

2. The LBO Solution

Enter Legal Back Office (LBO) and its synergetic collaboration with Abbott & Mourly Lawyers, crafted to bridge this divide. LBO's pioneering system operates on a joint venture basis, harnessing the adviser's intimate understanding of their client's financial landscape and LBO's proprietary wealth protection methodologies.

Five Benefits of Partnering with LBO and Abbott & Mourly Lawyers:

  1. Compliance Assurance: Working alongside legal experts ensures all activities remain within the bounds of the law.

  2. Integrated Expertise: Access to more than 30 specialised and proprietary family wealth protection strategies elevates the quality and scope of protective estate planning services.

  3. Efficient Processes: Leveraging LBO's systematised approach translates to time and cost savings.

  4. Client Satisfaction: A robust, legally sound estate plan fortifies client trust and advisor credibility.

  5. Revenue Opportunities: This collaboration opens new avenues for high fee-generating services, enhancing business growth and business value.

3. The Process

  1. Client Discovery: Adviser identifies client needs and collects detailed background information.

  2. Preliminary Advice: LBO drafts a tailored letter of advice utilising 30 unique wealth protection strategies, along with cost estimates.

  3. Client Commitment: Upon acceptance, clients opts for payment structures — 50% upfront or full payment with a discount.

  4. Document Preparation: LBO and Abbott & Mourly Lawyers draft all necessary documents under strict legal scrutiny.

  5. Review and Amend: Adviser and client review the documents, suggesting any alterations.

  6. Legal Sign-off: A final consultation with Abbott & Mourly Lawyers ensures compliance with the Legal Professions Act.

  7. Finalisation: Execution of documents following the settlement of outstanding fees.

  8. Adviser Payment: The adviser will invoice LBO for 50% of the settled fee - payable within seven days.

In the collaborative approach of LBO and Abbott & Mourly Lawyers, advisers find a robust solution, offering peace of mind to them and their clients, and ensuring a legacy of financial security. If you would like a meeting or call to go through LBO and how it can work for your firm contact

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