President Biden: Risking Re-Election
Tammie Visintainer
It has been over a century since the tragic disaster of the Titanic, yet the thoughts and emotions that must have raced through the minds of the five individuals on the Titan submarine, mirroring the ill-fated ship’s journey, continue to captivate our imagination. As they faced the grim reality that their lives could be ending, they might have contemplated the profound implications for their loved ones and their financial affairs.
Were they afforded time for reflection before the fateful explosion, a myriad of concerns may have arisen, including the well-being of their family, the future of their businesses, and the importance of having adequate life insurance. Today, at ICON Wealth & Legacy Partners, we often encounter successful business owners and real estate families, and it is crucial to address these vital questions when discussing estate and succession planning.
Many questions spring to my mind:
What are your goals for your family, assets, and legacy?
These questions allow individuals to delve into their deepest aspirations and consider how they want their hard-earned wealth and values to be preserved for future generations. By contemplating these issues, we can gain valuable insight into the unique objectives and desires of those seeking to create a lasting legacy.
Equally important is the inquiry about the current state of their estate plan, assuming they even have one. Estate planning plays a pivotal role in ensuring that an individual’s assets are distributed according to their wishes, minimizing potential conflicts or uncertainties that may arise upon their passing.
By examining the existing estate plan, if any, we can identify areas for improvement or address any gaps that might exist.
How do you see the future of your company?
A critical facet of succession planning, especially for business owners, it is imperative to inquire about the specifics of their company succession plan. Who has been designated as the successor trustee, entrusted with making crucial decisions and overseeing the smooth transition of the business? Focusing on this aspect can help foster stability and continuity for the business, ensuring its sustained growth and success.
What is the importance of life insurance?
Imagining the scenarios that may have occupied the minds of those aboard the Titan submarine, it is natural to wonder why life insurance might not have been a priority for them. Life insurance provides financial security and peace of mind, offering support to dependents and beneficiaries in the event of a sudden and untimely passing. Considering the uncertainties of life, it serves as a powerful financial tool for protecting loved ones and safeguarding the future they deserve.
Sheldon Adelson once said, “Why do I need succession planning? I’m very alert, I’m very vibrant. I have no intention to retire.” But, you know what happened next? He was no longer vibrant or alert. Planning takes time and you need a longer runway to accomplish it. The best time to start your planning journey is yesterday, but if you have not already done so, start today.
Life in its essence is unpredictable, so it’s important to understand the complexities of legacy planning—estate, family and business—and the emotions they evoke. We recommend a guide to help you towards a comprehensive and thoughtful plan that encompasses your goals, values, and desires. By addressing the important questions surrounding family, assets, legacy, estate plans, and company succession, you can create a secure future, ensuring that your financial assets and legacy endure for generations to come.
