Probably one of the most important but often overlooked aspects of your lifetime. Estate and succession planning is about ensuring that your hard work in building a business and generating wealth through assets is left according to your wishes.
Questions to ask yourself:
- What will happen when you’re no longer around to take care of your family or run your business?
- Will there be sufficient funds to cover debts and to pay for essential living expenses?
- Who do you want to receive your assets?
- Who is capable of running your business when you are no longer around?
An Estate Plan isn’t “just a Will”. We are talking about consideration of your entire business affairs. Have you considered all aspects of what you do, what you own and what you control? Have you considered the tax implications that may arise if you pass away?
What about your business? You have spent years building a successful and profitable business, what would happen if you leave? Have you got a plan in place for a smooth transition to the next generation or new owners? The way you structure your business now can make a difference to how it may operate without you.
Sometimes an Estate plan is simply documenting your current systems and processes so the next person (which may be a family member) can easily follow what has happened in the past. What might be simple, straight forward and routine to you – will probably feel completely foreign to somebody undertaking the task for the first time.
Making informed decisions about your succession means a better outcome for you, your family and the people in your business. The team at Ellco Group are experienced in providing practical advice surrounding Estate and Succession Planning so that your hard earned assets will be managed in the manner you choose and in the most tax effective way.