Planning Services

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:

  • Provide for the minimization of various taxes that may impact the succession of your business
  • Prepare your business for a smooth transition to your children or other persons without the loss of revenue, cash flow or consumer confidence
  • Protect against forced liquidation of a business in the event of your incapacity or death
  • Include a component that will provide a retirement income without the sale of the business
  • Put in place a plan that allows for stability and certainty as to the transfer of ownership and control of the business

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:

  • Ensure that your specific wishes are carried out
  • Benefit loved ones or charities
  • Achieve substantial tax savings
  • Eliminate the costs and delays of probate

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.

Financial Planning
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.