What is lifetime transition and risk mitigation planning? It involves several events and fact patterns:
Transitioning from a small to medium-sized company. This starts to happen when gross revenue is $750,000 - $1,000,000. Here we start to engage in basic asset protection strategies such as isolating risk and forming captive insurance companies. We also start to manage your personal finances in a more business like fashion.
Selling your business: this is obviously a huge transition. Here, we may employ an intentionally defective grantor trust or ESOP plan. In addition, this is when most people retire. If that's the case, we help to change your investment profile and navigate the changing health care landscape.
Receiving a large sum of money: it could be an inheritance, a large award or a big bump in salary. Here, we use a variety of strategies that can delay income realization. We also work with you to help you understand and manage your new financial position.
Non-probate estate planning: all assets can now be transferred to the next generation without getting the courts involved. Non-probate estate planning means lower costs and increased privacy.