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Are you prepared for the future? These experts can help you with a broad range of financial services, including planning a business’ financial future, preparing for retirement, advice on how to build wealth or invest funds, and even how to save for a child’s education. Read on to meet resources in your area.
“Do I need to do personal financial planning in order to think about exiting my business?”
Yes, the first step in creating your business exit plan is to create your personal financial plan. You need to be able to answer the following questions: What are your goals and visions? What assets are necessary to generate the income you need for that vision? Does your estate plan minimize your estate shrinkage while incorporating all your assets (including your business) in the plan? Do you have appropriate risk management? Will the sale of your business provide you with the necessary cash or income to live your vision? By working with a professional with substantial experience in both personal financial planning and business exit planning, you will have the best chance of discovering and realizing your vision.
Irene Giman, CFA, Advisor
Pinnacle Financial Advisors
“I signed a will, power of attorney and a living will 15-20 years ago. Am I all good to go?”
It is always a good idea to pull those documents out of the safe deposit box where they have resided for years to review and have an estate attorney review them. Clients are frequently surprised to see who the documents appoint as executor, power of attorney or health care representative. Maybe the client no longer has a close relationship with those folks that they named in the documents years ago. Maybe those folks have died. Better to be safe than sorry to ensure accuracy in these very important legal papers.
Timothy Rice, Attorney At Law
Timothy Rice Estate & Elder Law
"Is it important to have a succession plan as a business owner?”
The disability or death of a closely held business owner can have a catastrophic effect on the value of the business to his or her estate. Appropriate business succession planning will help a business withstand such events, consider the needs of a surviving spouse and the estate tax obligations generated by the business. A proper business succession plan should coordinate business, estate, tax, and financial considerations. For the owner, a business succession plan is as important to their estate planning as a last will and testament.
Yasmeen S. Khaleel, Esq.
“Who can benefit most from financial planning?”
Anyone with assets to protect would benefit from financial planning, especially in today’s economic and political environment. We are in the middle of the most confusing, conflicting and critical stages of our economic development since I've been in practice, since 1958. It's more than ever necessary for people to have their financial house in order, to have an exit strategy and perform what we call our SHM Financial Group Financial Stress Test. With all the changes in store for all of us, no matter the outcome of the election, it's never been more crucial for people to put their financial house in order. Our financial planning program is a process, updated and reviewed on a regular basis, constantly reviewing our clients’ risk tolerance, goals, objectives and tax situation.
Stanley H. Molotsky, president and CEO
SHM Financial Group
Published (and copyrighted) in South Jersey Biz, Volume 2, Issue 10 (October, 2012).
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