What Are The Keys To Creating A Sound Succession Plan?

What Are The Keys To Creating A Sound Succession Plan?

Whether you are talking about a succession / exit plan for your business or your personal retirement / estate plan, then it is important to begin by thinking about what you wish to accomplish. Any succession plan that you create should ultimately help you plan for the life that you want in the future. Taking the time to figure out your future goals should help guide your technical decisions.

Since different people have different life goals, financial plans often vary. There is no one-size-fits-all succession plan that exists; however, many people have overlapping concerns. Some common elements in many succession plans include retirement, cash flow and insurance planning. They also often include a plan for investment management and a plan for how assets will be distributed once their owner has passed on.

If you are struggling to figure out your life goals, and need help with developing a succession strategy, then it is a good idea to speak with an experienced succession planner. An experienced planner will begin by asking you to evaluate your goals. He or she will then assist with a financial assessment to determine how close you are to achieving these goals.

Popular questions that are asked when conducting a financial assessment include: 

  • What investments are needed to provide you with the income you will need throughout your lifetime?
  • What level of investment risk is needed to reach your financial targets? 
  • What is your preferred retirement age?

After answering these questions, we shall review your current financial portfolio and work with your financial planner to come up with a plan to help you achieve your goals. 

Checking in with your planner periodically will ensure that you stay on the right track.

Our Denver Succession Planning Law Firm Can Help You Achieve the Life You Envision

At Wiegand Attorneys & Counselors, LLC, we offer comprehensive succession planning services for our clients. These services cover a wide array of areas, and will vary depending on the client. Our Denver succession planning attorneys can help you figure out if you are on track to achieve your long-term goals.

We shall then recommend any adjustments that we think should be made in order to help get you there. These adjustments may include refinancing home mortgage loans, restructuring business assets, credit card planning, business succession planning, personal retirement planning, and all types of insurance planning.

To find out more about how we may help you, contact us today by phone at (303) 747-6791. You can also submit your inquiries through our online messaging system.

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