For most Americans, their estate plan consists of four things:
As for asset protection, an umbrella policy and life insurance would likely cover most families.
For successful families with a thriving business these things are only the tip of the iceburg.
In our opinion, the estate planning process represents a once in a generation opportunity to utlize the tax code to go far and above determining who gets what.
Done properly a great estate plan can provide your heirs with:
A cornerstone for any transition plan, whether your estate or your business, is to have the plan is stress tested to ensure that the transition will be both, smooth and orderly, and cost and tax efficient.
Managing risk is very different from the strategies needed to grow your business or your investments. It's all about preparing for the unknown and hoping that it never happens. For high net worth and ultra high net worth families it's a totally different ball game and must be approached seriously.
You have the same issues as everyone else to consider:
You also have added risks to think about: