Business Planning

Business owners face unique challenges—and opportunities—in terms of financial planning. You’ve worked hard to develop your ideas into a successful business, or perhaps you’re considering moving into self-employment. Regardless of your situation, choose a financial planning strategy that takes advantage of your unique situation.

You worked hard to develop a business, and now is time to enjoy the results. Many entrepreneurs spend years of focused effort building up a business, but then fail to consider how to make the transition to retirement. Having a financial plan in place can offer expert advice in how to plan an effective business succession strategy.

Small businesses can also benefit from a plan that ensures an equal legacy for their successors. A financial advisor can help entrepreneurs plan an inheritance that is fairly distributed among all loved ones

If you are considering moving to self-employment, contact us to discuss how to revise your financial plan. Working together, we will help you adust from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Life and disability insurance can be difficult to purchase at first since many insurers want two years of tax results. As well, self-employed entrepreneurs can gain tax write-offs for some health insurance premiums. In addition to being sure to pick the right retirement plan going forward.

Entrepreneurs can work to turn equity in the business into capital that can be used to fund retirement. Having a financial plan in place can help business owners with tax-effective retirement strategies, such as using cash-value life insurance, paying yourself a salary with benefits as the business owner and key employee, arranging liquidity for success to buy the business, or setting up buy-sell agreements to help key employees or partners purchase your business.

If the founder is nearing the end of his or her life, a well-thought-out financial plan can help heirs’ transition into business owners.

Proper legacy planning is one key element of any successful retirement plan, helping ensure that your legacy carries on to assist your loved ones and that your final wishes are respected. We can help you plan your legacy in a variety of ways based on your unique desires and whether it’s most important to you to preserve assets for future use, or transfer your wealth to beneficiaries.

It is important to carefully plan for the transfer of your assets to allow the wealth you’ve worked hard to serve a meaningful purpose. From starting the conversation with you to guiding you through the actual transfer of assets, we at Legacy Financial & Insurance Services are here to educate you on the process and guide you through every step.

Creating a strategy for your legacy is more than simply managing estate taxes.  There are a number of methods and tools that may be put to use to protect your wealth and ensure it is transferred according to your wishes. It’s important to understand helpful instruments to use during the legacy planning process

We are a sounding board to provide objective feedback and guidance on a wide range of personal financial decisions.

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