Proactive wealth & legal planning for business owners | Michael Scherini & Thaveesh Palapathwala

Michael Scherini sees so many business owners drop themselves or their families into completely avoidable situations through lack of expert planning. Recently Michael had a very productive discussion with Thaveesh Palapathwala from Obsidian Wealth Management concerning multiple facets of continuity planning, including nominating a person to have power of attorney, trust structuring, tax & asset management and other measures to ensure the successful continuity of businesses and a less stressful road to financial security.

Michael & Thaveesh agree on many common approaches ; A strong focus should be placed on systems, structure and forward planning to make success more achievable and sustainable - importantly this should be approached with a team of experts who can collaborate for optimal outcomes.
Risk is a recurring theme, particularly for business owners who fail to put the right structures in place early. Poor structuring can expose individuals to unnecessary personal liability, tax issues and disputes, especially as businesses grow, scale or approach exit. Both Michael & Thavi emphasise that wealth advisers, lawyers and accountants must work as a coordinated team to ensure strategies are not only sound in theory but properly implemented. For this reasons this ensemble of professionals can benefit clients much more if they have a strong working relationship.

Superannuation, insurance and ownership alignment are also flagged as critical but often overlooked components of risk management and long-term wealth creation. When addressed early, these tools can provide asset protection, tax efficiency and financial security while supporting broader lifestyle and exit goals.

Ultimately, professional advice should be seen as an investment rather than a cost. Business owners who engage the right advisers early, regularly review their structures, and ensure legal and financial strategies align are far more likely to protect what they’ve built, avoid preventable disputes, and achieve greater personal, professional & financial outcomes.
#trusts #businessstructure #businesscontinuity
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Our services include: commercial, business & corporate legal advice and transactions, employment & workplace relations, property, leasing & planning, personal injury, building & construction, criminal law, dispute resolution (litigation), contract disputes, and other related areas of law.

Reach out to Scherini Lawyers :
Ph. 03 9961 3149
[email protected]
Reach out to Scherini Lawyers :
Ph. 03 9961 3149
[email protected]
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Reach out to Thaveesh at Obsidian Wealth Management :
https://obsidianwealth.com.au/
Ph. 1300 029 071
[email protected]

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Disclaimer: The information provided in this video is for general informational purposes only and does not constitute professional advice. While we make every effort to ensure the accuracy and relevance of the content, it should not be relied upon as a substitute for consultation with qualified professionals. Each business situation is unique, and we recommend seeking tailored advice that considers your specific circumstances before making any decisions regarding legal matters. Scherini Lawyers and its guests disclaim any liability for actions taken or not taken based on the content of this video.

Chapters:
00:00 - intro to Thaveesh Palapathwala & Obsidian Wealth Management
01:40 - What type of clients does Obsidian Wealth Management have?
03:14 - What does investment and wealth risk look like?
05:04 - The benefits of having a strong professional network
06:50 - How engaging legal assistance early will save money in the long term
08:23 - Risky business behaviours: how the use of trusts can mitigate exposure of assets
10:13 - Scherini Lawyers experience with the sudden death of business owners: power of attorney & shareholder agreements
14:30 - Yearly reviews of legal documentation to align with changes can protect business owners
16:40 - Aligning legal and financial planning can have enormous benefits for business owners
17:51 - Case study: An ATO claim against a company came to light after a business owners death
20:23 - Case study: A business owner with debt was found personally liable due to poor planning
25:47 - If a company is worth protecting, get the right legal and financial planning frameworks in place
28:10 - Michael Scherini and Thaveesh Palapathwala sign off