There is a season for everything, and January is a favourite time on the Island with regular families and visitors coming to enjoy the lovely weather. I do miss some of the regulars who have not been here for a few years. Some have passed on and some may stop coming for different reasons. We wish them all the best and will cherish the memories we share with them.
Last month we talked about change, but managing change is such a difficult process, especially on a small place like Lord Howe Island and it includes changes in families.
While grandparents or parents are around they bind families together but, once gone, there can be disagreements about family property and inheritance.
It is so important for grandparents or parents to start managing this change well in advance to avoid families drifting apart.
Many organisations, including the Australian Tax Office, provide helpful information. For example, the ATO website states: “Transferring control of your business to family members may involve restructuring your business operations changes to share structure, changes to the trustee and appointor of a trust, changes to partnership structures or transferring assets to family members via the creation of trusts or other entities.”
Help is available from many quarters, but it is important to start the process before problems arise!
ED. Stephen

Stephen Sia on Lord Howe Island