Personal and Business Succession Planning is a critical aspect in ensuring the effective transfer of wealth from generation to generation. In its simplest form, it involves taking positive steps to protect and preserve your hard earned assets for you and future generations of your family. Personal and Business Succession Planning involves more than simply updating your Will.
1. Identification of your assets and wealth held at various levels, including business and personal level (including identification of value).
2. Examination of succession arrangements affecting the controlling positions for those entities within your family group.
3. Identification of your personal, business and family goals for dealing with your personal and business assets and wealth.
4. Careful education and consideration of the various options and strategies that may be available to you in putting together succession arrangements for your personal and business assets and wealth.
5. Taking into account your personal and business assets and wealth and your goals; selection of your preferred succession arrangements for dealing with your personal and business assets and wealth.
6. Consideration of the taxation and other legal issues that arise from the preferred succession arrangements.
7. Fine tuning and alignment of the preferred succession arrangements after taking into account taxation and other legal parameters.
8. Finalisation and implementation of the finalised succession arrangements.
9. Post-implementation management of your succession arrangements.
The actual implementation of your final succession arrangements can often be a simple and cost effective process, especially once you have undertaken a detailed Succession Planning process.
The complications arising from failing to take steps to ensure that your assets and wealth are placed into the hands or control of the right people are unquestioned.
Your sudden death or incapacity, the sudden death or incapacity of a close family member, or the death or incapacity of a trusted business partner are some of the examples of situations that can often lead to significant succession issues. Failing to take steps now to consider and put into place your succession arrangements can result in control of your personal or business assets or wealth passing into the hands of persons who are unable or unwilling to perform these roles.
Would you want to see control of your valuable personal and business assets being transferred to an unreliable family or non-family member?
The Taxation & Succession Practice at Jackson McDonald is well placed to assist you in undertaking the Personal and Business Succession Planning process and assisting in the implementation of your final succession arrangements.