Legacy planning is the effective financial management and strategizing of distributing your assets to your family in the case of incapacitation or death. A legacy plan is often created with your estate plan to provide instructions and stipulations to confirm proper distribution to your family.
Along with being a certified exit planning advisor and business coach, I utilize critical knowledge gained from obtaining a Master of Science in Financial Services to assist my clients in securing their wealth.
Retirement is often a top concern of business owners and entrepreneurs, and legacy planning is just as critical to secure the future of their loved ones.
What Goes Into a Legacy Plan
Your legacy plan describes how, when, and why you wish to distribute your finances and assets to specific people or philanthropic causes. In your estate plan, if you have assigned financial contributions to charitable organizations, you will describe how, when, and why you want those donations given to the charities of your choice.
In your estate plan, you may transfer ownership of your business to a family member to continue your family business. In your legacy plan, you will state the circumstances under which they will own it (upon your absence or inability to) and why you have chosen them. You will create stipulations to approve the transfer of ownership, such as their completion of a business leadership program.
Overview of the Process
- I provide my clients with a personal financial projection to determine how to achieve a profitable business exit and secure the compensation needed to establish a legacy of wealth.
- We will identify any debts and strategize their reduction and elimination.
- We will strategize how to protect your assets from creditors.
- We will identify your assets and tax concerns.
- You will name your trustee.
- We will review your Will and stipulations for distributing your wealth and assets.
Why Business Owners Need Legacy Planning
Similar to the security offered by having an estate plan to protect your finances and assets for the people you love or philanthropic causes you care about, a legacy plan will honor your wishes and stipulations in the distribution of your estate.
As an entrepreneur, it is critical to protect your assets to secure your family’s future.
Without creating an estate and legacy plan, the probate court may mishandle your wealth and assets, potentially draining your finances and going against your stipulations if you have only created a Will.
However, a legacy plan also establishes a structure to provide for beneficiaries, preventing your property and wealth from being misused and drained quickly by beneficiaries.
To protect your legacy and secure the future of your business, book a consultation with me for comprehensive legacy planning. I look forward to helping you develop a plan for your business and future.