Business Assets, Estate and Wealth Planning Essay

Business Assets, Estate and Wealth Planning - Essay Example Succession planning of the business is an important consideration. Bearing in mind the time it takes, the intricacy, and may be the conflicts that may result. The period during which it occurs along with the transfer issues that arise mandates that it is addressed by the business owner. It is vital as it aids in preparing for a smooth departure, and ensure the business conitnues to run for the the customer’s sake. If the business owner wishes to maintain some mandate over the business, then it is the best way to iron out the plan (Goel, 2009). The strategies through which the owner will protect and insure the business are a consideration that help protect the business properties from loss. The cosideration can be used by the owner to resolve financial issues that come up in the course of running the business. Thrugh the consideration, liquidity for taxes like estate taxes is availed and help in decreasing debts. Debts are reduced through the provision of cash flow needed to uphold the business regime (Mentz, 2009). Many business owners fail to outline their stock choice and rules. Hence, in the course of running the business, when they need funds, say to fund vested choices, their selections are limited. Thus, the stock choice planning is a consideration that a business owner should regard. It helps in the execution of ways to create cash and diversify the business fund source (Goel, 2009). A catalogue of account titles harmonized against the transfer strategies is a consideration that aids in planning for the business owner while living and at death. If a business has an improper titling of properties, it may hnder the utilization of trusts, which can avail substantial tax remunerations. Hence, the catalogue is a consideration that cannot be assumed as it helps the business to evade probate and makes sure the business possessions are awarded to the