Succession Planning – What is Succession Planning?

Succession Planning
The estate is everything a person possesses, both as an individual and a member of society, before it is distributed to the beneficiaries.
What is Succession Planning?
The ultimate goal of Succession Planning is to safeguard the estate for the future. In other words, it aims at protecting the greatest amount of wealth possible, which ultimately will be transferred to the beneficiaries. For this purpose, it takes into consideration variables, such as unexpected events, incapacity, taxes, and lawsuits; which might affect the estate’s size and succession process.
Having an efficient succession plan can also lessen the financial burdens of property transfer costs, attorneys’ fees, debts, debt taxes and delays caused by legal processes. An orderly succession aims at reducing these costs and delays, as well as simplifying and ensuring the estate transfer.
STL’s life policies are an important component of succession planning. They enable beneficiaries to have immediate access to cash to pay taxes, funeral expenses, legal expenses and any other short-term debts.