Money Matters with Jim Doyle: Estate Planning When You Own a Business

Money Matters with Jim Doyle
Season 2, Episode 6 – Estate Planning When You Own a Business
Premieres: Thurs., Oct. 7, 2021 at 5pm PT and Sun., Oct. 10 at 7am PT

For most business owners, the majority of their wealth is tied up in their business. Planning for – or even thinking about – one’s demise, disability, or incapacity, can be especially challenging. Surprisingly, for many people, the concept of estate planning focuses mostly on who gets your stuff when you die, but a more comprehensive approach should also consider planning that explores disability and incapacity. For most business owners, estate planning requires additional planning that considers the impact on your family and their financial futures. You might have questions about what happens to the business – the employees – suppliers – and the impact on the community. Business owners may have additional planning considerations that include the sale or transfer of the business, taxes, and succession.

A great place to start is to talk with your financial planner who can coordinate with your legal, insurance, and accounting professionals to come up with a plan that provides options and solutions. How would you like to see your business managed in the event of disability, incapacity, or death? Are structures in place to ensure the business continues to function well until decisions can be made?

One element that’s often overlooked – consider developing a dialogue with your family about your wishes and theirs – surprising, goals can change over time. For some business owners, progress can be slow as they’re unsure where to start, or who to talk to. Talk to your financial planner or your team of trusted advisors to get a plan started. Consider developing a dialogue with your family about your wishes and theirs – surprisingly, goals, priorities and families can change over time.

What is this episode about?

Estate planning shouldn’t be viewed solely from a tax, legal, or financial perspective – but rather – combining all three elements. On this episode, we talk to business owners, Toni Desrosiers, Founder of Abeego Beeswax Wrap, Kavita Kent, Owner of Balance Medical Centre and the Westcoast Women’s Clinic, as well as John Clerides, Owner of Marquis Wine Cellars. These savvy entrepreneurs understand that inheriting well doesn’t just happen. They share their insights on contingency planning, on having key people who can step in to keep their business functioning until such time that they could resume their role, or worse still, implement a succession play, or manage a sale of their business.

What do you hope will come out of the show?

What happens to your business if you couldn’t come in tomorrow? How will decisions be made? We encourage business owners to design an estate plan that incorporates the needs of the business, the needs of your family, while considering the unique complexity of family dynamics. For many families, it’s not uncommon to appoint the eldest child as executor, but do they have the required skillset? Preparing a will to deal with the distribution of your estate after death is essential, as is assigning the right executor.

On our next show we’ll be talking about “Being in Business: Things No One Tells You”, Thurs. Oct. 14, 2021, at 5pm PT and Sun. Oct. 17 at 7am PT. The program also airs on FaithTV Mondays and Wednesdays at 4pm CT / 5pm ET.

Jim Doyle, Doyle & Associates Private Wealth Management, Investors Group Financial Services Inc.

Doyleandassociatesprivatewealth.com


This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities. Jim Doyle is solely responsible for its content. For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant. Views of guest speakers may not be shared by IG Wealth.

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