By Nicola Wealth Management
January 21st, 2025
Why Legacy Planning is Critical for Business Owners
Estate planning is a comprehensive process that facilitates the transfer of your assets to chosen beneficiaries upon your passing. It considers ways to support loved ones and ensuring your wishes are carried out effectively.
For Canadian entrepreneurs, estate planning is vital to preserving hard-earned success and safeguarding both business and personal legacies for future generations. Estate and legacy planning for business owners is a complex but vital process. Procrastination can lead to unintended consequences, including unnecessary taxes, family disputes, or the mismanagement of your business.
Here’s what you need to consider when planning your legacy:
As a business owner, your legacy encompasses more than personal wealth. It includes the continuity of your business, the well-being of your family, and the broader impact on your community. Engaging trusted advisors—such as wealth planners, lawyers, and accountants—early in the process can help you navigate the complexities of estate and succession planning with confidence.
Nicola Wealth Management
These discussions can be challenging, but open communication and informed guidance create a more effective and meaningful legacy planning experience.
