6-Step Estate Planning

6-Step Estate Planning for Business Owners

Estate Plan for Owners with Businesses Valued $3 to $50 Million

If you don’t have estate planning in place, you’re not alone. About 50% of business family firms don’t have a formal estate plan in place. Family business owners are often engaged in the short-term running of their business. Therefore, they often don’t place a high priority on long-term issues like estate planning.

The close relationship of the family is one the most important factors in the success of the business. This same closeness can also become a hindrance in the estate planning, stirring up sensitive issues. Our estate planning based on the Financial Confidence™ 6-Step Financial Planning process can help you resolve these issues.

Estate Planning for Business Owners

  1. ESTATE PLANNING STEP 1 – Get Acquainted

    • Discover who you are and what you do
    • Meet with your Financial Confidence Advisor
    • Learn what we do and how we can help
    • Discuss the contracting process and engagement
    • Ensure Financial Confidence is a good fit for you

  2. ESTATE PLANNING STEP 2 – Assess Your Situation

    • Review and confirm scope of services
    • Review your current personal and corporate situation
    • Establish personal and business goals, priorities and objectives
    • Discuss what is important to you
    • Evaluate your dangers, opportunities, and strengths
    • Develop a comprehensive wealth profile

  3. ESTATE PLANNING STEP 3 – Assemble the Perfect Team

    • Review and confirm scope of services
    • Financial Confidence works with your advisors, such as accountants, lawyers and other professionals, to ensure you define and achieve your goals
    • Multi–disciplined teams provide expert advice with ongoing evaluation to the business owner and business family
    • We access the Financial Confidence virtual project team for additional expertise

  4. ESTATE PLANNING STEP 4 – Create Action Plan

    • Review and confirm scope of services
    • Financial Confidence will review and organize your information
    • Develop a complete report to debrief regarding your financial situation and create a road map for your success
    • Meet to develop a prioritized action plan
    • Articulate the estate plan to all preferred team members for input

  5. ESTATE PLANNING STEP 5 – Actualize and Implement

    • Review and confirm scope of services
    • Confirm implementation of the estate plan and action steps
    • Inform all team members about the plan and provide them with action steps
    • Continue to regularly update multi-disciplined team and client regarding progress

  6. ESTATE PLANNING STEP 6 – Annual Checkup

    • Review and confirm scope of services
    • Review progress to date
    • Evaluate past dangers, opportunities, and strengths
    • Create updated dangers, opportunities, and strengths
    • Revise the estate plan to reflect new goals
    • Adjust estate plan as needed

Download more information about out Estate Planning Services