End of life planning for a business owner can be a complex and involved process. You need to address family and company needs, consider business and personal assets, navigate complicated tax issues and ensure business succession. Comprehensive estate planning will ease the strain on your family, provide for their needs, reduce tax liability of the business and heirs, preserve the value of the company, ensure liquidity to cover business related costs, and include a plan for succession.
When should you start estate planning for your business?
Ideally, estate planning should begin when your business venture is launched. The evaluation, planning and implementation process that surrounds the starting of a business is a natural beginning point for planning your estate. However, it is never too late to begin end of life planning. The key is simply to begin. Understand that it’s an on-going process that will likely evolve as your needs and your business change.
When should you get your Chartered Professional Accountant involved in end of life planning?
When it comes to the financial intricacies of your business and its future, your Chartered Professional Accountant offers extensive expertise including skills in business accounting and asset management. Your CPA will review your life insurance adequacy, address shareholder agreements, investigate your will and consider estate freezes. Your accountant will help determine the best course of action for your business and your family and should be involved from the initial steps of estate planning.
If you are ready to create an estate plan that will protect the value of your business and ensure your heirs are cared for, get professional advice and assistance from Cook & Company. They will put their experience and expertise to work for you. Contact us today to find out how we can help your business. Call (403) 768-4383 or contact us at [email protected] for a complimentary consultation.
References:
- https://www.blueshorefinancial.com/ToolsAdvice/Articles/BusinessBanking/EstatePlanningForBusinessOwners/
- https://www.getsmarteraboutmoney.ca/plan-manage/planning-basics/wills-estate-planning/estate-planning-if-you-own-a-business/
- https://www.entrepreneur.com/article/181002
- https://help.legalnature.com/articles/7-reasons-to-think-about-estate-planning-when-starting-a-new-business
