Teaser: Succession and Estate Planning
A wise man, much wiser than me, once said that there are two things in life that are certain: death and taxes.
It is certain that we’re going to die but upon our death it is possible to legally avoid some taxes.
First I must say that I am not a lawyer, or an accountant, or an insurance salesman and I am not selling anything.
• Questions to consider: what is succession and estate planning?
• Do you need it?
• When should you start planning?
• What would happen to your spouse and/or children if you were to have an untimely death?
• How can you assume that your assets will pass on to your spouse and/or children?
• If you own a company, who will run or own it in the case that you become incapacitated or have an untimely death?
• How do you judge who is the best person (successor) to run the company?
• How will they pay your estate for the company?
• How do you sell your company to key employee(s) who has very little money?
• How do you know how much your company is worth (valuation)?
• How do I go about selling my company?
• Does life insurance play a role in succession and estate planning, and if so, how?
• Should I purchase whole life or term life insurance?
These questions and many others will be answered in my late January 2015 blog post.
Be on the lookout – your future depends upon it!
CEO, Launch Lab