Estate planning is the process of transferring your assets to specific people or charities in a tax-efficient manner. It is important that you integrate your estate plan with your business, financial, and retirement plans. Although estate planning is an ongoing process where you will make plenty of changes throughout the years, it is, nonetheless, one of the most important plans you will ever make; for, an estate plan also protects your family from making difficult financial decisions in the midst of grieving.
A will is not the same thing as an estate. If you are a business owner, you will need more than just a will to distribute your estate. In most cases, the majority of assets are passed on by an estate planning tool which is different than a will. In fact, a will may only control or distribute a small amount of a business owner’s assets. Also, an estate plan is not the same as a succession plan. A succession plan only involves business assets, but an estate plan includes both business and personal assets. If you are a business owner that wants your business to succeed after you die, it is important you begin estate planning to provide for the transfer of your business interests.
It is important you speak with us about estate planning if you are a business owner and do not have an estate plan. We can help you select and integrate planning tools to meet your individual objectives. We will balance your needs and goals to develop a personalized plan that satisfies your objectives. We will also outline your current and future financial position, explore different ways of increasing the value of your assets, examine the liquidity of your estate, and suggest ways to reduce estate taxation.