Advanced Strategic Planning
What are the benefits of Advanced Strategic Planning?
Family Protection
Your family depends on you and/or your business to support their standard of living, the ability to meet family expenses or debts, and to grow assets to support retirement. Family protection planning centers on preserving and transferring the full value of both personal and corporate assets.
To ensure the transition of your wealth or your company to maximize the value of the assets, family protection planning must be coordinated with estate and business succession planning.
Business Succession
Over 65% of all privately held businesses fail to make it beyond the first generation owner.* Critical to successful business succession planning is the owner answering the questions:
- “What is my exit strategy?”
- “What if something happens prematurely?”
Successful business succession requires coordinated planning involving all of your professional advisors. Clermont Wealth Strategies is specifically structured to work with you and your other advisors in developing and implementing your business succession plan.
Estate Planning
You worked a lifetime to build your wealth. How do you ensure that it goes where you want it to go?
Without proper planning, nearly half (45% or more) of your assets may be paid out in taxes. Clermont Wealth Strategies utilizes a wide variety of planning options that will help to reduce estate taxes. Our approach is to make sure that all areas of concern, including both personal and business, are considered in the process. We work through this process with you and your other advisors to make sure that all options are evaluated.
Liquidity
The ability to confidently manage two significant life events, retirement and estate settlement, depends on having a certain degree of liquidity. Clermont Wealth Strategies fine-tunes the balance between lifetime and testamentary liquidity planning.
Retirement is an event that is planned for over the appropriate time horizon. Retirement income can be funded from liquid assets such as stocks and bonds, as well as income generated by positive cash flow from business and/or real estate properties.
Funding estate tax requirements should be planned for, but obviously has an uncertain time frame. Without the appropriate combination of planning and funding options, the result could be a “fire sale” of illiquid assets. Clermont Wealth Strategies works to develop an approach that combines your planning and funding to mitigate your estate tax costs.
*Source: Joseph Astrachan, Ph. D., editor, Family Business Review