By developing a Succession Plan for your business, it ensures you have the right strategy in place for when you retire, sell your business or passing it onto someone else (a family member, friend, an entrepreneur, or an employee).
Having a Succession Plan in place can:
- Ensure the smooth transfer of your business
- Protect the reputation of your business
- Build value by providing financial security for you, your family, and stakeholders
- Ensure you can take advantage of the appropriate tax deductions, credits, and exemptions
By having a Will in place, allows you to direct how your financial and personal affairs are to be handled after you have passed away.
Having a Will in place can:
- Ensure your family, dependents, personal and financial affairs are taken care of
- Provide your executor with the specific details of your wishes so that they can execute your Will which allows your loved ones to grieve and support one another
- Can reduce income taxes and probate fees if you own a business, having a Secondary Will in place is key
Contact a Ward & Uptigrove Wealth Management representative today at (519) 291-4803, or by email [email protected], we can help protect you!