Time to have the “Money Talk”. Financial and Tax Planning are common catalysts in the first quarter of each year, regardless of when you file your taxes. Our Advisors at Hampton Securities would recommend entrepreneurs take it a step further. It is an ideal time to have the “Money Talk” with family and partners to safeguard your Estate Plans and confirm they are up-to-date. While it begins with a Will, it is not a ‘one and done’ process.
Your Estate and Business Succession Plan is Dynamic
There have been significant changes to Estate Law in the last Federal Budget. Implications of an aging population and prevalent challenges around the legal treatment of mental competency create a common sense need for succession planning. We suggest it is an opportune time to take a fresh look at your Estate Plans. The upcoming Federal Budget on March 22, 2017 will offer another strong incentive to review your business Succession and Estate Planning needs.
Your Will and the Estate Plan that surrounds it, is like you and your family – it is dynamic. In addition, there is new legislation that may impact your Estate Plan, such as the treatment and record keeping requirements for your principle residence. Also consider your health care directives, formerly living wills, need to be updated to be effective with recent changes. In both cases, there are new requirements that business owners and their families need to be aware of. Ensure your business is anchored to a proactive estate plan. We encourage you to contact your Hampton Securities Advisor or call us at 1-877-225-0229 to help you have the “Money Talk”.