Skip to content
  • Friday, May 20, 2022
nexistente

nexistente

Delighting business buffs

  • Business Opportunities
  • Business Development
  • Business World
  • Business Supply
  • Business Center
  • Business Plan
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • real estate school jacksonville fl
  • Home
  • The importance of estate planning for business owners in Orillia
Business Plan

The importance of estate planning for business owners in Orillia

April 14, 2022
magenet


For family business owners in Orillia, it’s difficult to imagine no longer being at the helm of the business you’ve worked so hard to build and grow. Because of this, many are not prepared for the unexpected, nor are they aware of what it would mean for their business. That’s why it is important to plan ahead.

Developing an estate plan with the future of your business in mind provides protection and financial security for your business and family members in case of your incapacity or death. Without a well-drafted plan, your wishes may go unfulfilled, your business may falter, and what you intend to leave to loved ones may be diminished. While proper planning is vital for all businesses, it’s especially prudent for family-owned businesses that may be passed down to the next generation.

The following considerations can help you start to think about estate planning in relation to your business.

    Related Posts:

    • Why You Need a Business Exit Plan
  1. A will is only one tool in the estate planning toolbox

    While drafting a will is a fundamental step in estate planning, it’s only one tool among many. In many cases, to fully implement your wishes for the future of the business, or to utilize available tax efficiencies, your estate plan will include many other components beyond just a will.

  2. Powers of attorney can be business and personal

    A power of attorney is a document which appoints an individual to make legal and financial decisions and to manage your finances in your place. Many business owners appoint two powers of attorney for financial matters: one to deal with business issues and another to deal with personal issues.

     

  3. Planning for tax efficiencies can help maximize the value of your estate

    With proper estate planning, you can maximize the legacy left to your beneficiaries. For example, a multiple-will strategy may help reduce the amount of probate fees your estate will have to pay when you pass away. Another example is post-mortem tax planning, which can help reduce taxes in connection with shares in a private corporation.

     

  4. Life insurance may ease financial burdens on the business

    A business-owned life insurance policy is designed to help the business continue in the event the owner or partner dies. For instance, there may be insufficient funds in the deceased’s estate to pay the tax owing in connection with the shares held by the deceased upon death. This can place a financial burden on the business. Or it could force the executor to turn to personal assets to satisfy the debt, which may be inconsistent with the deceased’s intentions. In those instances, life insurance can help protect the business, see that the intentions of the deceased are honoured and provide potential tax advantages.

     

  5. A shareholders’ agreement and family contracts should not be overlooked

    When a business owner is not the sole shareholder of a business, a shareholders’ agreement is an important part of an estate plan. The agreement addresses important business transition issues such as share ownership, the transfer, or sales of shares, what happens on the death of a shareholder, and how to deal with disputes among shareholders. Beyond a shareholders’ agreement, family contracts such as prenuptial agreements can help protect your estate and minimize potential issues or claims.

While it’s never too late to develop and implement an estate plan, it’s important to plan early and plan often. Let’s start a conversation. 

Find out the best ways to protect your estate, family and business. Reach out to KPMG directly or contact one of KPMG’s partners directly at the links below.

Dawn

Dawn Lagesten, Partner, KPMG Enterprise

Shawn Bibeau

Shawn Bibeau, Partner, Tax, KPMG Enterprise

Emily Mantle

Emily Mantle, Partner, KPMG Enterprise





Source link

Tags: American Express Business Cards, Att Business Customer Service, Att Business Internet, Att Business Login, Bad Business Codes, Bank Of America Small Business, Buffalo Business First, Business Administration Jobs, Business Administration Salary, Business Analyst Jobs, Business Card Dimensions, Business Casual Female, Business Casual For Women, Business Casual Women Outfits, Business Ideas 2021, Business Letter Example, Business License California, Business Name Search, Business Process Reengineering, Business Proposal Template, Buy A Business, Card For Business, Chase For Business, Chase Ink Business Card, Columbia Business School, Costco Business Center San Jose, Emirates Business Class, Facebook Business Account, Fictitious Business Name, Florida Business Entity Search, Ga Sos Business Search, Georgia Business Search, Google Business Email, Houston Business Journal, Illinois Business Search, Instagram Business Account, Is Lularoe Still In Business, London Business School, Master Of Business Administration, Men'S Business Casual, Pittsburgh Business Times, Qualified Business Income Deduction, Sacramento Business Journal, Secured Business Credit Card, Standard Business Card Size, T Mobile Business, Texas Business Search, Tië³´o The Business, Top Business Schools In Us, Types Of Business

Post navigation

Insights on the G Suite Business Software Global Market to 2028
8 Ways to Improve Your Email Marketing Results

Recent Posts

  • Grow Your Business with Batbox, The #1 Baseball Simulator in The World
  • Building an Online Business from Scratch: A Listener Success Story
  • EY launches EY OpsChain Supply Chain Manager, incorporating zero-knowledge proof technology for business operations
  • What does Russia’s war mean for global climate goals?
  • ‘Under cover of darkness’: The inside story of how the Rams worked the NFL and ditched St. Louis | Local Business

Categories

  • Business Center
  • Business Development
  • Business Opportunities
  • Business Plan
  • Business Supply
  • Business World
  • Finance
  • General
  • Health
May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr    

Tags

Amazon Business Credit Card American Airlines Business Class Att Business Login Austin Business Journal Best Bank For Small Business Best Business Schools In Us Best Business To Start British Airways Business Class business Business Casual Shoes For Women Business Continuity Planning Business Entity Search Business Letter Template Business Management Degree Business Manager Facebook Colorado Business Search Delaware Business Entity Search Drop Shipping Business Family Business Bet finance Fox Business Live Georgia Sos Business Search Google Business Account Harvest Small Business Finance How To Build Business Credit insurance Is Saturday A Business Day Is Sears Still In Business money My Business Google Name Generator Business None Of Your Business Ny Sos Business Search personal Plus Size Business Casual Pnc Business Banking Sos Business Search Ca Taking Care Of Business The Business Of Being Born Turbotax Home And Business 2020 Tx Sos Business Search Venmo For Business Verizon Business Plans Virtual Address For Business Women Business Casual

buy backlinks

Intellifluence Trusted Blogger

BL

LP

TL

Visit Now

best business to start with little money

You may Missed

Business World

Grow Your Business with Batbox, The #1 Baseball Simulator in The World

May 20, 2022
magenet
Business World

Building an Online Business from Scratch: A Listener Success Story

May 20, 2022
magenet
Business Supply

EY launches EY OpsChain Supply Chain Manager, incorporating zero-knowledge proof technology for business operations

May 20, 2022
magenet
Business Supply

What does Russia’s war mean for global climate goals?

May 20, 2022
magenet
Copyright © 2022 nexistente
Theme by: Theme Horse
Proudly Powered by: WordPress
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT