Planning your legacy
||Legacy planning: It's a topic that few of us like to think about let alone discuss and proactively plan.
Building your wealth is one thing but protecting it and making sure it is passed on to the people you most want to benefit from it, is quite another.
Most people assume planning your legacy is just about having a will. In fact, as a business owner it's much more than that. While a will may be a good place to start, a comprehensive estate plan is far more effective in being able to:
Many people make the mistake of assuming that everything they 'own' in including their business, home and super forms part of their estate. In the majority of cases this is simply NOT true.
The business structure that you operate in can have a significant impact on what you actually 'own'.
- Did you know for example, that assets held in companies, trusts and your super don't necessarily form part of your estate unless you take specific measures to change this?
- Consider what would happen if you are in partnership with someone and something happened to them. How would you pay their estate?
- And what if something happened to you, how would your family access the value held within your business?
Taggart & Partners can help you with all aspects of the process including:
Most of us would prefer to live in the here and now and enjoy what we have now without thinking about what the future has in store. However, none of us know what's around the corner and you hear of too many horror stories to use this as an excuse to procrastinate.
Not acting now can make the difference between ensuring your assets are protected today and pass to the right people when you're no longer here and a complete stranger making decisions about who and where your wealth should go. You've spent too many years building up your wealth to leave it to chance.
At Taggart & Partners we are ready, willing and able to assist you in developing your estate plan and can even provide support in accessing the appropriate legal advice. If you haven't looked at your will in the last 2 years, contact us today to arrange an appointment to get your affairs in order.