Your wealth & estate plan, no matter how complex, can be implemented anytime before you pass, as long as you are still legally competent. Getting this planning started sooner rather than later is always a great idea as we never know when these decisions may be out of our control.
Even though wealth & Estate Planning is beneficial to all, if you are a business owner, it is even more important that you begin estate planning if you haven’t already. Wealth & Estate planning can be especially critical for small or family business owners because it is likely that the majority of the family’s wealth, assets and income sources, are tied up in the business.
It is important to remember that the success of your estate plan is dependent upon the business being transitioned to the next generation or sold to someone outside of the family at a fair price. Keeping the business in the family and treating all children fairly, may take considerable precedence over tax issues in the owner’s mind. Either result takes much preparation and planning.
Among personal factors that need to be considered when developing an estate plan, are the age and health of the owner, the number of assets, the amount of debt, and his or her retirement plans. Also relevant are income needs, the age of any children, and the degree to which spouses or other family members may be involved with the business.
What also needs to be addressed is the current stage of the business itself. Is your business a start up? Is it well established within the community? Are you expanding?
To schedule your data meeting (60 minutes) to explore every aspect of your wealth & estate planning… focus in your wealth accumulation, de-accumulation and estate planning to preserving your legacy –
Please, contact us 416-549-5900 or email us at pedroc@corteswealthplan.com
We will contact you shortly to set up a time to talk.
