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Estate planning is a legal process where you make an effort to preserve your assets now, and decide how they will be distributed at your death or during your life. When done properly it can help to save you and your estate thousands of dollars, and ensure your final wishes are carried out.
Proper estate planning will allow you to ensure you are able to control what happens to your assets now and after you're gone. It is the best way to ensure your specific wishes are followed rather than hoping the courts make the right choices on your behalf. There are many benefits to estate planning including minimizing the taxes that are owed, maintaining privacy for your estate, helping your loved ones avoid probate court, and much more.
Succession planning is an important process where a business owner identifies who they want to leave their company to when they either die or retire. You may leave control of the business to some people while leaving a financial interest to others. There is a lot of flexibility with respect to business succession planning. Succession plan will be part of an overall process where the successor is groomed to be able to take over the business with as little disruption as possible.
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