The Benefits of Integrated Wealth Planning

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Many people think of “wealth planning” or “estate planning” as being completely separate and distinct from “business planning.” However, the opposite is actually true. It’s important for the two types of planning to be integrated with one another. A fully integrated wealth and business plan might include an analysis of each of these areas:

  • Cash Flow Planning
  • Income Tax Planning
  • Asset Protection Planning
  • Disability Protection Planning
  • Wealth Transfer Planning
  • Estate Tax Planning
  • Business Succession Planning
  • Liquidity Planning
  • Charitable and Philanthropic Planning

Our experience tells us that many families fail to finish what they start when it comes to planning. Others who have done some planning never really feel comfortable with their understanding of complex estate plans. It’s often a mystery to them how various elements of the plan fit together.

The ideal candidates for integrated wealth and business planning include families of business owners with significant net worth. However, wealth isn’t the only measure of suitability. A good candidate for planning will also have a strong commitment to their family and loved ones, and a desire to arrange their affairs to maximize the benefit to themselves, their family, and the causes they support. Integrated planning can be used to reduce or eliminate your dangers, while recognizing and realizing new opportunities.

The goals of integrated wealth and business planning include:

  • Maintain control of your assets and the planning process.

Every client is interested in maintaining control. No one has ever come to us with the goal of handing everything they own to someone else and letting that person make financial decisions for them. Control is important to our clients at every step of the process, even during times of disability or after death.

  • Know if you have enough to meet your needs.

This requires a careful analysis of your current lifestyle, your needs and desires during retirement, your tax situation, and several other factors. Through proper planning, you can both determine what you need, and decide how to best achieve the results you seek.

  • Make informed planning choices that fit your particular situation.

There are a myriad of financial plans, investment choices, and planning strategies from which to choose. Only through comprehensive and integrated planning will you know which ones will best meet your goals.

  • Understand the risks and rewards of various planning strategies.

There is a careful balance between risk and reward, and each strategy and solution finds that balance in different ways.

  • Protect and grow your wealth.

Most of our clients want to first make sure that the wealth they’ve already accumulated is protected, but once the proper protections are in place, everyone would like to see their wealth continue to grow.

  • Transfer your wealth to those you love.

If you have people (or causes) you love, you probably want to bless them with whatever wealth is left over when you’re gone. With proper planning, the transfer process can be relatively uneventful. Without proper planning, however, it can be traumatic. Wealth can strengthen families or it can divide them. Proper planning brings strength.

  • Minimize the impact of taxes during life and after death.

Planning can help you reduce your taxes during life, and reduce or avoid them completely after death.

  • Discover new opportunities that you may be missing.

Good planning is proactive, not reactive. Therefore, it not only affects the assets you already own, but it can help you discover new opportunities as well.

If you have questions, click here to have our office call to set up a time to discuss this with you.

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