1 . Business Planning
Business planning is the process of planning for business risk . This often accompanies risk assurance to protect a business from potential financial consequences should the business partner , who is essential to the business operations , die or become disabled . The person could be an owner of the business , a director or an employee .
Business Assurance provides certainty , financial liquidity and is instrumental in any succession and financial planning process . It considers issues such as the structuring of buy-and-sell solutions , key person insurance , credit loan accounts and contingent liability . This will protect a business , staff and the owner from the impact of a financial loss due to the owner ’ s death , disability or ill-health .
Remember to also plan for business continuity . What is the succession plan should something happen to the owner and someone else must take over ?
2 . Legacy and Estate Planning
Legacy planning presents an opportunity to outline and define what wealth means not only to the owner , but also to his or her family . It is about creating a definitive plan for managing wealth while the owner is still alive . It also allows one to decide what they would like passed on to future generations .
Estate planning is the process through which to ensure that an individual ’ s wishes are carried out through their Last Will and Testament executable in the event of their death . An essential consideration for legacy planning is the available liquidity in the estate . This is to ensure that all debt , administration costs and taxes in the estate can be settled .
As time passes , business owners and individuals must regularly review their estate plan and
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