The Baby Boomer generation is hitting retirement age.
No surprise there.
Are you a Baby Boomer?
Are you planning to retire soon?
Perhaps you have already retired.
According to a recent Moultrie News article titled “Securing retirement through engaging in business exit planning,” you are in good company.
When considering retirement, you must assess your readiness.
This is especially important if you own your own business.
You need to consider how you want to transfer interests.
This could look like dividing the business between your children.
It could also mean selling.
Statistics show up to 85 percent of the net worth of a business owner is tied to their business.
This means you need to plan early for your retirement.
What should you specifically consider?
You need to create a plan to address asset protection, value maximization and tax minimization strategies, business continuity planning, estate planning, and successor development.
Sounds like a lot.
Do not delay.
Begin creating a tailored plan now to meet your goals and needs for retirement.
Work with an experienced estate planning attorney.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Moultrie News (March 30, 2018) “Securing retirement through engaging in business exit planning”