The final step in developing your Master Exit Plan is to ensure that the wealth you have harvested will be properly protected with a comprehensive family estate protection plan.
The majority of business owners believe that if they have their “house” in order, meaning they have a will, maybe a trust, and burial plans in place, they have adequately protected their family. Statistically, privately held business owners are ill-prepared for incapacitation or death and the wealth created is often lost by the third generation.
The first generation makes it,
the second generation spends it,
and the third generation blows it.
It is common for business owners to think they are too busy to tend to after death concerns. However, once your Master Exit Plan has been executed and the business has been sold, you must take extensive steps to preserve your family’s financial security for future generations.
We understand the importance of protecting the wealth you have created. Therefore, we encourage our clients to focus down the road to the third, fourth, and many generations ahead and ask the question, “what do you want your legacy to be?”
Family estate protection begins with identifying your dreams for your family and your contribution to society. A family culture that is one of high connectivity will foster the preservation of wealth. If necessary, our experts in family governance facilitate a 7-step process to ensure the vision of your legacy can be realized by proper estate planning that is aligned with your wishes.
A comprehensive family estate protection plan will ensure that your assets are distributed as you wish in the event of death or incapacitation, in a tax efficient manner, leaving the legacy you envision.
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