The New Written Plan
The new plan is dependent upon input from the family interviews and business owner trusted advisors. The information gathered is used to determine family objectives and is organized by family goals. These results are key drivers in the development of your new plan.
A new plan cannot be developed without a complete understanding of the existing plan. We define what goals have already been achieved, and which goals are yet to be achieved. All information is weighed as we begin defining the new plan. The important factors to consider: Tax considerations, Legal documents, Estate planning, and Insurance and other financial products.
There are many planning tools that must be considered, following are only a few examples:
- Wills and trusts
- Gifts
- Transfer options
- Buy-sell agreements
- Reorganization
- Sale
- Charitable arrangements
It is imperative to speak with the owner’s other trusted advisors who have been integral in the development of the current plan, tax, legal, financial, and any other advisors.
This culminates in a plan design that encourages interfamily communication and pragmatic decision making. In the end, the plan must be supportable, by the entire family rather than only the business owner.
The input from the family interviews is organized into common family objectives that drive the development of the major plan components. This culminates in a plan design that encourages interfamily communication and pragmatic decision making. In the end, the plan must be supportable, by the entire family rather than just the business owner.
The new plan will address family goals and objectives. It also is designed to consider important tax and legal issues.
A family retreat, is planned to present the new plan to all family members. They will see that input had been valued and that the plan was thoughtfully developed. At the retreat we review the current plan sharing the results of the interviews and assuring that family objectives have been addressed. For the new plan to be successful we seek buy-in of all family members and clearly define steps for effective implementation
We recommend periodic family celebrations to keep everyone up to date on the progress of the plan. It is also important to discuss possible updating that may be required due to changes in the law and/or within the family.
Clearly wealth transfer planning is a journey not a destination.