Legacy Planning: Difference between revisions
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<ul> | |||
<li>[[Strategic risk]]</li> | |||
<li>[[Long term orientation]]</li> | |||
<li>[[Investment planning]]</li> | |||
<li>[[Legal risk]]</li> | |||
<li>[[Capital management]]</li> | |||
<li>[[Resource plan]]</li> | |||
<li>[[Availability of resources]]</li> | |||
<li>[[Company mission]]</li> | |||
<li>[[Market environment]]</li> | |||
</ul> | |||
}} | |||
'''Legacy [[planning]]''' is the [[process]] of making arrangements for the [[management]] and distribution of a person's assets after their death. It typically includes creating a will, establishing trusts, and making provisions for the care of dependents. The goal of legacy planning is to ensure that a person's assets are distributed according to their wishes and to minimize any potential tax liabilities. Other aspects of legacy planning may include charitable giving, planning for the care of a special [[needs]] individual, and ensuring that family business or farming operation continues. | '''Legacy [[planning]]''' is the [[process]] of making arrangements for the [[management]] and distribution of a person's assets after their death. It typically includes creating a will, establishing trusts, and making provisions for the care of dependents. The goal of legacy planning is to ensure that a person's assets are distributed according to their wishes and to minimize any potential tax liabilities. Other aspects of legacy planning may include charitable giving, planning for the care of a special [[needs]] individual, and ensuring that family business or farming operation continues. | ||
Revision as of 16:31, 21 January 2023
| Legacy Planning |
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| See also |
Legacy planning is the process of making arrangements for the management and distribution of a person's assets after their death. It typically includes creating a will, establishing trusts, and making provisions for the care of dependents. The goal of legacy planning is to ensure that a person's assets are distributed according to their wishes and to minimize any potential tax liabilities. Other aspects of legacy planning may include charitable giving, planning for the care of a special needs individual, and ensuring that family business or farming operation continues.
Legacy planning in business
In the context of business, legacy planning refers to the process of making arrangements for the continuation of a business after the death or retirement of the owner or key leaders. This can include creating a succession plan, which outlines who will take over leadership of the business and how the transition will be managed. Additionally, it may involve creating a buy-sell agreement, which outlines the terms and conditions under which the business will be sold in the event of the owner's death or retirement. Other aspects of legacy planning for a business may include developing a plan for the long-term sustainability of the business, creating a plan for the distribution of ownership and/or assets, and creating a plan for the preservation of the company culture and values.
Legacy planning and risk management
Legacy planning after big events, such as a natural disaster, a pandemic, a major economic downturn, or a political crisis, can be especially important. These events can have a significant impact on individuals and businesses, and it is essential to be prepared for the potential long-term effects they may have.
For businesses, legacy planning after a big event may involve re-evaluating the company's risk management strategies, creating a continuity plan to ensure the survival of the business in the event of a crisis, and developing a plan for the long-term sustainability of the business. This may include diversifying the company's revenue streams, strengthening relationships with suppliers, and creating a plan for the distribution of ownership and/or assets in the event of the owner's death or retirement.
For individuals, legacy planning after a big event may involve re-evaluating their financial situation, creating a will and estate plan, and making sure that their loved ones are taken care of in the event of their death. This may include creating a plan for the care of dependents, establishing trusts, and making provisions for the distribution of assets.
Overall, legacy planning after big events is important to ensure that individuals and businesses are prepared for the potential long-term effects of these events and are able to recover and move forward in the best way possible.
References
- Matzke, L. A. M., Fombonne, B., Watson, P. H., & Moore, H. M. (2016). Fundamental considerations for biobank legacy planning. Biopreservation and Biobanking, 14(2), 99-106.
- Kaplanidou, K. K., Al Emadi, A., Sagas, M., Diop, A., & Fritz, G. (2016). Business legacy planning for mega events: The case of the 2022 World Cup in Qatar'. Journal of Business Research, 69(10), 4103-4111.
- Elo, L. (2016). From event planning to legacy planning.
