Long-term financial planning is important for all serious minded individuals. If you want to be able to provide your children with opportunities for higher education and then subsequently have the resources that you need to retire in comfort you have to plan ahead intelligently.
If you just go forward groping in the dark step-by-step you may find yourself in a difficult position later on in your life. Along the way you may not be able to provide for your children in the manner that you would like to.
The decisions that you make today are going to impact your future, and if you make them without any particular long-term strategy in mind you may be on a road to nowhere.
The above is true for people who are employees of a company and it is also true for small business owners. In addition to having a business plan that leads to profitability, you should also consider how you’re going to exit the business.
Some people intend to leave their business to the next generation of the family while others intend to sell the business. Some businesses are driven by the specific talents of the owner and won’t really have much value when the owner passes away. Exactly how you go about things along the way is going to depend on your unique situation and your personal intentions.
If you are tired of going through life without a plan, right now would be a good time to sit down and discuss your future with an experienced, savvy Indianapolis financial planning attorney.
- Understanding the Annual Exclusion - January 31, 2023
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023