Built to Last – Securing Your Plan and Legacy

Where are you now and what do you hope to achieve in the end?  Often times it’s what one asks when starting a new venture, business plan, home remodel and the like.  Have you noticed that without asking this question your plan seems to wander off in a direction of its own?  You are building something, yet the big picture becomes muddled overtime.  You have a goal in mind, but what are you doing to effectively achieve that goal?  You are building a business, family life and nurturing the relationships that come along with it.  All of this requires your time, energy and a shared belief system to effectively grow ensuring your plan creates a secure and sustainable structure.   

How do you know if your structure is built to last?  There are a few characteristics of a strong business and family unit that can be used as a foundation.  (1) Communication: Having everyone involved united under an understanding of the end goal and equally committed to the core beliefs and values that create this system with a determination to continue in the future.  This is usually best when documented and agreed to in writing.  Finding this commonplace with those involved is imperative as disunity within has caused the fall of great empires, families and businesses alike.  If you question the fortitude of your foundation, there are ways to reconstruct now and form a safe and secure standing. 

There is another area that should be reviewed when creating security.  (2) Financial Strategy: It is the process you go through when planning how to invest, where to invest and what systems and products to use.  The plan must be well thought out with a healthy weight given to time, money, flexibility and taxes.  There are many ways and options to consider when accumulating wealth and the most important is the impact it has on the attached family and business.  Your financial strategy must begin with the end goal in mind while considering all involved.  This long term planning method is constantly evolving and should be instilled in the hearts and minds of all parties promoting growth and protection.  If at any point that plan is diverted, you must be prepared to change the course and revise the plan to maintain structural stability.

Although this list is not all-inclusive, but merely a brief overview of priority points that must not be overlooked, the last area is where the effectiveness of all previous planning with be revealed.  (3) Distribution: The distribution phase brings all systems together and should create peace, simplicity and security now and in the future.  This enables families to pass on assets to heirs with the least tax implications.  Businesses are able to succeed after the owner leaves and owners can embark on a new adventure maintaining the lifestyle they have grown accustom to living.  When the unthinkable happens suddenly, there are no surprises and the family and/or business will continue to thrive as intended because a plan was in place that provided for such occurrences at any time.  This may sound powerful and desirable, yet overwhelming at that same time.  It is all of the above, but you are not alone in achieving this goal.  Security is the end goal of every family and business structure.  Without that, the plan fails and a failed plan means disrupted lives, unexpected costs and expenses, maximal taxation, loss of financial strength and ultimate instability. 

At The Center for Wealth and Legacy™ we strive to provide unbiased and objective information to families and business owners helping you protect your most valued possessions and solidify the legacy you built.   Desiree M. Wilson, MBA EA CEP, is a member of the Advisor Team for The Center for Wealth & Legacy™.