July 27, 2023

Categories: Estate Planning

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You spent a lifetime building the business with blood, sweat and tears – what if the lack of planning brings all that effort to naught? As dedicated business owners, you cannot neglect one of the most vital aspects of your business plan – your own estate plan.

Here are some circumstances and examples where a thorough estate plan will come in handy:

Family Business Owners:

Ensure a smooth transition of ownership to the next generation and minimise any potential disputes or tax implications.

Entrepreneurs and Startup Founders:

Protect their business assets, determine their succession plans, and provide for their families in case of unexpected events.

Small and Medium-sized Enterprise (SME) Owners:

Protect their business interests, ensure continuity, and provide for their loved ones in the event of disability or death.

Professional Service Providers who own their own practices:

Safeguard their professional assets, ensure the smooth transfer of their practice, and protect their loved ones’ financial security.

High-Net-Worth Individuals (HNWIs):

Protect their assets, minimise taxes, establish trusts, and manage their wealth across generations.

Business Owners in Partnership or Shareholder Agreement:

Helps to outline the transfer or sale of their shares upon death, disability, or retirement. This ensures a smooth transition of ownership and reduces possibility of conflicts between remaining partners or shareholders.

It is important to note that estate planning has many complexities and should be tailored to individual circumstances. Sound and well-rounded advice from a consultant with in-depth estate planning experience will be greatly helpful in shaping a holistic strategy. I will be happy to speak and share more with you.

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