Stage 6: Grow and Protect Your Wealth

Personal wealth and estate planning strategies help deal with issues related to income, personal assets, and family harmony.  Jeff’s approach emphasizes tax efficiency and income replacement for the business owner when the business is transferred to a family member or sold.  In addition, protecting personal assets from lawsuits and creditors of the business can be critical to wealth preservation.

This final step will ensure having a detailed exit plan (Step 1) integrated with your estate plan.  Again, careful thought is given to tax implications when transferring wealth to family or charity.  Moreover, having the two plans considerate of each other can help ensure your family receives the needed annual income described in Step 1.

*Jeff Palmer is an active member of Business Enterprise Institute®