Business Succession Planning
Many family businesses constitute the majority of the family’s assets. The price of not having a Business Succession Plan in place can be devastating. Proper planning can prevent the forced liquidation of the business at the death of the owner to pay estate taxes, which may be as high as 46 percent. Proper planning can also provide for adequate retirement income for the older family members who own the business, while providing for the transfer of the business to those who are prepared to manage the business.
Typical Business Succession Planning Goals include:
An Estate Plan Allows You to Control the Future
If you have no will, state law mandates that even your family cannot determine who receives the assets you owned. The best way for you to gain control is through a sound estate plan. It can also save your beneficiaries money by eliminating unnecessary taxes and other costs. A UMB Wealth Advisor can help you create a sound estate plan. As one of the major trust departments in the nation, UMB has administered thousands of estates and trusts. Our services are based on the understanding that you, your family and your objectives are unique.
An Estate Plan Can:
Some of the cornerstones of Estate Planning are the Living Trust, the Pour-over Will, the Durable Power of Attorney, and the Health Care Treatment Directives/Durable Power of Attorney for Health Care.
Whether you are saving for a new home, your child’s education or your retirement, a UMB Wealth Advisor will help you identify your current financial situation, establish your priorities and develop a financial plan to reach your goals. Our holistic approach includes analyzing your risk tolerance and incorporating your financial obligations as we make recommendations tailored to your unique set of circumstances.
Contact us today for a financial planning session or more information.
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