Estate Planning

Many business owners have lived a life in which their business is one of the most tangible manifestations of their legacy. Suddenly, that legacy is turned into cash. This a change that can impact generations to come.

Tax minimization: So important we are mentioning it again! At a minimum, these things should be discussed with your attorney and financial advisor.

Updating documents: All documents that reference your business should be adjusted to reflect the sale. This will likely be an ongoing process as you begin to deploy your windfall in new investments.

Insurance: An insurance evaluation should be completed to optimize your coverage. If you had key person insurance, or buy-sell life insurance, these should be updated to reflect your new status.

Inheritances: A discussion should take place with your spouse, children, and any other close relatives about how the money will be distributed.

Legacy: Discuss your vision for your family, your children, and your wealth, and the impact you want to have on society. These conversations can be facilitated by your financial advisor.