How Can I mitigate Risks to my Estate Plan?

Mitigate Risks to my Estate Plan?

Risk planning is not a linear process. It’s like a tree with many branches growing from the main trunk. To do it successfully requires two important steps: First, make sure to list all potential trends. These trends may include a large amount of estate tax. In the case of a family owned business it could be estate taxes and dealing with minority stockholders. Succession issues with a business partner or an economy that’s made business conditions difficult should also be included on the list. Remember, each condition, and combination of conditions, leads to different results.
Second, list the contingencies that allow you to have flexibility. What types of tax-planning tools can you employ to mitigate that expense and still provide for the family’s financial future? Who are the potential candidates to take on a leadership role at the company?

Erskine & Erskine Estate Planning Attorneys Anticipate Change and Mitigate Risk

No one has a crystal ball for the future, but everyone has to consider what the future might bring, especially when looking at how best to plan their estate. Risk Planning has to be able to account for the unforeseen obstacles the future holds, an integral part of succession planning. Risk planning involves taking the time, and making the effort – right from the start – to figure out how to cope with a crisis. The crisis may be as simple as making sure you’re carrying enough insurance or as complex as whether to keep a business or sell it. Either way, it’s important to remember that there is not one scenario, or solution, to each potential issue.

At Erskine & Erskine, we look to guide you through the process of managing and planning your estate. Well versed in the risk planning aspects of estates like Captive Planning as well as using tools like Donor Advised Funds, along with integrating your various succession needs with Business Succession Plans and other succession tools, Erskine & Erskine can create that will better prepare your estate for the future.

Calibrated for you

At Erskine & Erskine, we let your needs and obstacles dictate how we plan your estate – adapting solutions to make your estate work for you.

To keep your plan calibrated

Our plans give you freedom to be independent, as you haven’t gotten to where you are by luck. We create a plan that allows you the ability and assets to pursue your goals knowing you’re covered.

risk planning

 

Recent Risk Planning Blogs

 

Why is Succession Planning Important?

Why is Succession Planning Important?

Source: Retail Leader Magazine Interview, April 28, 2015 Why is succession planning important? It allows you to shape the future for your company and your family. Even with the best-laid plans for retirement, injury, disease or death could strike at any time. That is... read more

Predictions Coming True

Last December I wrote an article published in the Family Office Review about the changing legal services market, Family Offices and the Morphing Legal Services Market, in which I predicted that: “Clients will drive the development of access to self-service, mobile,... read more

The Supreme Court Rules on Obamacare

The Affordable Care Act, including its individual mandate that virtually all Americans buy health insurance, is constitutional, ruled the Supreme Court today by a vote of 5-4. The Act was upheld on the ground that Congress could use its power to regulate commerce... read more