Words: Nate Oland, Senior National Account Executive at Federated Mutual® Insurance Company
Photos: syahrir maulana, Rob Daly
Anyone who owns property should consider the benefits of planning ahead when it comes to what is most important for the future — especially business owners. A formal written estate and business succession plan can have a lasting effect on you, your family, and your business. In the end, your careful planning can aid your family, business partners, and others if the unexpected occurs. These plans can clarify your wishes and help ensure that they are followed, addressing issues such as:
- Providing income to your spouse or family after death
- Providing for a financially secure retirement
- Planning for incapacity
- End of life decision making
- Naming trusted individuals to raise your children or handle their finances for them
- Designating who will receive specific assets after your death, including:
- Business interests
- Pieces of real estate
- Family heirlooms and significant items
- Specifying when assets will be received
- Helping to minimize taxes and settlement costs
So how do you go about obtaining estate and business succession plans? Consider your end goal — and the use of an attorney. Their value, guidance, and aid when it comes to estate and succession planning can go far beyond what you may think. An attorney can:
- Draft legal documents, including a will, trust, or buy-sell agreement for your business.
- Create documentation on planning for someone else to make medical and financial decisions on your behalf.
- Draft a document that expresses your end of life wishes.
- Support your legacy wishes by coordinating philanthropic planning, such as gifts to a charity or foundation.
When you’re ready to put your plan in place, or review an existing plan, your Federated Insurance® marketing representative can refer you to an independent attorney who specializes in estate and business succession planning to help. Federated is proud to be MCAA’s partner since 2017.