From a presidential election to a worldwide pandemic, many people are now thinking about the need to update their estate plan. There are many different reasons for this including environmental issues, such as low interest rates, lower valuations, and the possibility of a change in administration. This means many people are thinking about leveraging gift giving as part of their current plan.

Business owners have a whole host of other issues to consider as it relates to their business succession planning. The economic downturn has made business owners more aware of getting all of their affairs in order.

Both as an individual and as a business owner it can be beneficial to have a structured estate plan to support you with the process of transferring assets and determining which strategies will be most appropriate based on your individual needs. The factors to consider for any business owner approaching the succession planning process include:

  • Income tax issues.
  • Low interest rate environments.
  • Preserving the value of the business.
  • Establishing a transition plan and whether or not you currently have the employees needed to take over.
  • Family dynamics.
  • Your personal cash flow needs, financial plan and goals.

Your estate planning goals should include additional elements, such as;

  • Concerns related to business succession planning.
  • State and federal estate tax planning.
  • Determination of who in your estate plan will receive assets.
  • Objectives for earning philanthropy.
  • Values and other non-taxable and wishes.

Need support with a Pasadena, CA business succession plan or aligning one with your personal estate plan? Our office has extensive experience with both. Trust us to help you- set up a phone call with our firm today.

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